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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Chen Zhi: the kingpin of a global conspiracyChen Zhi appeared to be a business prodigy investing in everything from real estate to airlines. Prosecutors allege he is the head of something more sinister
-
Canadian stocks for a new era of deglobalisationGreg Eckel, portfolio manager at Canadian General Investments, selects three Canadian stocks
