Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
A round up of key developments in corporate transactions covered by Lexis®PSL Corporate and Market Tracker this week, including the offer for Findel plc by Sports Direct International plc and an update on the IPO by legal services provider DWF Limited.
On 4 March 2018, Sports Direct International plc (Sports Direct) announced that it had made a mandatory cash offer for the entire issued and to be issued share capital of Findel plc (Findel) for £139.2 million.
The mandatory offer under Rule 9 of the Takeover Code was triggered after Sports Direct unconditionally agreed to acquire 36.8% of the existing issued share capital of Findel, currently held by City Financial Absolute Equity Fund. The mandatory offer requires Sports Direct to acquire the remaining Findel shares not already held by Sports Direct International, at a price of 161 pence per Findel share.
Findel responded and noted that the offer significantly undervalued the company’s values and the board was unanimous in its rejection of the offer. Findel urged shareholders not to take any action.
Sports Direct has attracted media attention with its recent takeover activity. In February 2019, Sports Direct made an offer to food & beverage company Patisserie Holdings plc, to acquire its business and assets out of administration as a result of a long term accounting fraud. Patisserie Holdings commented in a statement: 'The work carried out by the company's forensic accountants since (October) has revealed that the misstatement of its accounts was extensive, involving very significant manipulation of the balance sheet and profit and loss accounts'. However, Sports Direct withdrew their offer two days later due to lack of information for continuing the bid.
Sports Direct is emerging as a ‘high street saviour’, rescuing a number of retail companies facing administration in the past few months, including House of Fraser, Evans Cycle and music company HMV.
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234