Inactive Instrument

Debenhams Plc

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GB00B126KH97

Debenhams : rejects Ashley's offers to fund rescue in return for CEO job

April 08, 2019 at 10:32 am EDT

(Reuters) - Sports Direct said on Monday Debenhams rejected its offer to underwrite a 150 million pound rights issue in exchange for a CEO role for Mike Ashley and a pledge by lenders to write off 148 million pounds of debt.

Sports Direct, controlled by billionaire Ashley, said its preconditional possible offer for Debenhams at 5 pence in cash per ordinary share announced last month was still on the table.

Earlier in the day, Ashley had embarked on a last-ditch battle to take control of Debenhams, accusing board members of dishonesty, while offering to fund a rescue plan in return for the CEO's job.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)

Stocks treated in this article : Debenhams Plc, Sports Direct International

Latest news about Debenhams Plc

Debenhams Store Staff Sue Firm over Redundancy	21-07-15	CI
Peek & Cloppenburg KG acquired A/S Th. Wessel & Vett, Magasin du Nord from Debenhams plc.	21-05-27	CI
Debenhams to Permanently Close Six Stores Including One Near York	21-01-12	CI
Primark Reportedly Eyes Arcadia	20-12-14	CI
Authentic Brands Reportedly in Discussions with Debenhams, Arcadia for the Potential Acquisitions	20-12-14	CI
Frasers Group in Talks to Buy Collapsed Debenhams	20-12-07	CI
Debenhams Updates on Its Sale Process	20-12-01	CI
JD Sports Fashion Terminates Discussions with the Administrators of Debenhams	20-11-30	CI
JD Sports Reportedly in Exclusive Talks with Debenhams over Rescue Takeover	20-11-23	CI
JD Sports Emerges as Surprise Contender to Buy Debenhams	20-11-14	CI
Reliance Retail Withdraws from Bidding to Acquire Debenhams	20-10-11	CI
Reliance Retail Reportedly Emerges as Contender to Take Control of Debenhams	20-09-22	CI
Debenhams Reportedly 'Could Be Split Up and Stores Sold Off'	20-08-18	CI
Debenhams to Put Up for Sale Itself	20-07-28	CI
Debenhams Plans to Reopen 120 Outlets with Seven Confirmed for Permanent Closure	20-04-21	CI
Debenhams Group Announces Supplemental Information on New Financing	19-10-09	CI
Debenhams plc Announces CFO Changes	19-09-26	CI
Debenhams to Shut Welsh Shop this Autumn	19-09-19	CI
Debenhams Group Appoints Stefaan Vansteenkiste as Chief Executive Officer	19-08-08	CI
Debenhams Plans to Close at Least 22 Stores and Force Through Rent Cuts on Many Others Under the Restructure	19-06-11	CI
Debenhams plc Announces Resignation of Steve Ingham, from the Board and Ceased to Be a Non-Executive Director	19-05-22	CI
Stefaan Vansteenkiste Joins Debenhams plc as CRO	19-04-26	CI
Debenhams plc Reports Group Revenue Results for the Half Year Ended March 2, 2019	19-04-26	CI
Debenhams Plans to Close 20 of its Stores as Part of Restructuring Process	19-04-24	CI
Debenhams Announces Executive Changes	19-04-18	CI

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Company Profile

Debenhams plc is a United Kingdom-based company, which is engaged in multi-channel business. The Company's brand trades through approximately 240 stores in 27 countries. The Company's segments are UK and International. The UK segment consists of stores in the United Kingdom and online sales to the United Kingdom addresses. The International segment consists of international franchise stores, the Company-owned stores in Denmark and the Republic of Ireland, and online sales to addresses outside the United Kingdom. The Company's stores trade under the name of Debenhams other than the Danish stores, which operate under the Magasin du Nord banner. Its stores offer customers a range of services, including restaurants and cafes, personal shopping assistance, hairdressing and beauty treatments, nail bars and wedding or celebration gift services. Its Debenhams Direct (www.debenhams.com) offers a range of products and services for online customers.

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