No white knight for Blacks Leisure

Blacks Leisure, the outdoor clothing retailer currently in a death spiral, says it has not received, and does not expect to receive, any takeover offers.

The company has been in an offer period following disastrous sales results this year but buyers only seem interested in the "trade, assets and brands" of the company, not the company itself. It has now declared the offer period at an end.

Blacks says it "continues to hold discussions with a number of selected parties with a view to concluding the sale process in January 2012."

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It warns, however, that "it is most unlikely that any value will be attributable to the ordinary shares."

Sports Direct already owns a major stake in Blacks but is thought to be intent on hoovering up the distressed assets of the firm without bothering with a full takeover.

BS