Sports Direct International Plc No intention to bid statement re Debenhams plc (6579V)

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RNS Number : 6579V

Sports Direct International Plc

09 April 2019

Date: 9 April 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

SPORTS DIRECT INTERNATIONAL PLC

("Sports Direct" or the "Company")

No intention to bid statement regarding Debenhams plc

Sports Direct refers to its pre-conditional possible offer for Debenhams plc ("Debenhams") at 5p in cash per ordinary share announced on 25 March 2019. Sports Direct has until 5.00pm on 22 April 2019 to announce either a firm intention to make an offer for Debenhams or that it does not intend to make an offer.

Sports Direct also refers to Debenhams' announcement of 11.40am on 9 April 2019 stating that Administrators have been appointed to Debenhams.

Accordingly, Sports Direct does not intend to make an offer to acquire the entire issued and to be issued ordinary share capital of Debenhams pursuant to Rule 2.7 of the Code. As a result of this announcement, Sports Direct will, except with the consent of the UK Panel on Takeovers and Mergers, be bound by the restrictions contained in Rule 2.8 of the Code.

Sports Direct reserves the right to acquire Debenhams shares, subject to, and in accordance with, the Code and other applicable regulations. For the purpose of Rule 2.8 of the Code, Sports Direct reserves the right to make or participate in an offer for Debenhams (and/or take any other actions which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:

   (i)         with the agreement or recommendation of the board of directors of Debenhams; 

(ii) following the announcement of a firm intention to make an offer for Debenhams by or on behalf of a third party;

(iii) following the announcement by Debenhams of a "whitewash" proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

(iv) where the Panel on Takeovers and Mergers has determined that there has been a material change of circumstances.

Enquiries:

Numis (Financial adviser to Sports Direct)

 
 Luke Bordewich 
  Stuart Ord        [phone] 
  George Fry         1000 
 

Sports Direct

 
                                     [phone] 
 Cameron Olsen, Company Secretary     9200 
 

Further information

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser exclusively for Sports Direct and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Sports Direct for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of any offer to buy, sell, subscribe for any securities or the solicitation of any vote in any jurisdiction.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at http://www.sportsdirectplc.com/investor-relations.aspx by no later than 12 noon (London time) on 10 April 2019. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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(END) Dow Jones Newswires

April 09, 2019 09:43 ET (13:43 GMT)