Jun 5, 2019
Sports Direct to increase stake in gaming group Game Digital
Sports Direct International, the largest UK sportswear retailer, plans to increase its stake in Game Digital to nearly 40 per cent in an offer that values the gaming group at about £52m. The retailer, founded and led by Mike Ashley, said on Wednesday it has "Unconditionally" agreed to buy 14.9m shares in the capital of Game at a price of 30p for each Game share from Marlborough UK Micro-Cap Growth Fund. Which is expected to be settled on Friday, Sports Direct will hold 66.6m Game shares, or 38.5 per cent of the existing stock, plus voting rights. The offer values the entire issued and to be issued share capital of Game, not including the exercise of any outstanding options that may have vested under the Game share plans, at about £51.9m, the Sports Direct statement said. Sports Direct, which has invested in Game since July 2017 and is the group's biggest shareholder, will finance the offer from its existing cash resources. "The offer of 30p in cash for each Game share is final and the offer price will not be increased," the statement said.
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