Debenhams has told Sports Direct to name its price — and soon — if it is serious about making a cash takeover offer for the struggling chain.
In a statement issued after Sports Direct, the largest shareholder in the department stores group with a near-30 per cent stake, revealed that it may consider making a takeover offer, Debenhams said that any proposal must provide “a clear plan of how Debenhams’ existing debt — which will fall due on any change of control — will be repaid and a proposal that addresses the immediate funding requirements”.
The retailer will continue with talks to secure £200m of short-term funding from its lenders.
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