Sports Direct International plc (LSE:SPD) made a mandatory cash offer to acquire the remaining 63.2% stake in Findel plc (LSE:FDL) from Schroder Investment Management Limited and others for approximately £87.7 million on March 4, 2019. Under the terms, Sports Direct will pay 161 pence for each share. Sports Direct reserves the right to reduce the Offer consideration by the amount of any dividend (or other distribution) which is paid or becomes payable by Findel to the holders of Findel shares. The offer may impact on the options held by the Findel option holders. Findel option holders and holders of convertible ordinary shares will be contacted regarding the effect of the offer on their rights under the options and convertible ordinary shares. In a related transaction, Sports Direct International plc (LSE:SPD) unconditionally agreed to acquire additional stake in Findel plc (LSE:FDL) on March 4, 2019. As a result of the unconditional agreement, Sports Direct will hold 31.85 million Findel Shares, representing 36.8% of the existing issued share capital, and voting rights, of Findel on March 6, 2019. As of April 1, 2019, Schroder Investment Management Limited supported the Findel board and stated the offer price as inadequate. The consideration will be financed from the existing cash resources of Sports Direct. Sports Direct will acquire a minimum of 50% of Findel. The Board of Findel plc believes that the mandatory offer significantly undervalues the Findel plc and its future prospects and is unanimous in its rejection of the offer of 161 pence per share and recommends that shareholders should take no action at this time. The offer is subject to valid acceptances being received till 21 days after the posting of the offer document. As on March 20, 2019, the offer document was posted. The transaction is expected to complete on April 9, 2019. As of April 9, 2019, the offer is being extended and will close on April 24, 2019. As of April 24, 2019, the offer is extended till May 3, 2019. Luke Bordewich, Stuart Ord and George Fry of Numis Securities Limited acted as financial advisor to Sports Direct. Mark Taylor, Jen Boorer and Harry Mills of Nplus1 Singer Advisory LLP acted as financial advisors for Findel plc. Tim Medak, Mark Harrison and Anthony Ledeboer of Stifel Nicolaus Europe Limited acted as financial advisors to Findel plc.

Sports Direct International plc (LSE:SPD) cancelled the acquisition of remaining 63.2% stake in Findel plc (LSE:FDL) from Schroder Investment Management Limited and others on May 3, 2019. The offer is lapsed due to not fulfilment of minimum tender condition of 50% of Fidel Shares.