Mike Ashley’s £140m attempted takeover of Findel faces a fresh hurdle after the retailer’s second-biggest shareholder rejected the billionaire’s offer.
Powerful fund manager Schroders wrote to Findel’s board saying it backed the company’s existing management and considered the Sports Direct founder’s bid as “significantly undervaluing” the business.
Schroders, which has an 18.85% stake in the online seller of clothing, greeting cards, gifts and homeware to “value-conscious” consumers, added that Mr Ashley’s 161p-a-share offer did not recognise Findel’s “future prospects”.
