BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Sports Direct International Plc (SDIPF.PK, SPD.L) confirmed that it has made a proposal to Debenhams under which Sports Direct would underwrite a 150 million pounds pre-emptive equity issuance to existing Debenhams shareholders. The equity issuance is subject to a number of conditions, including the appointment of Mike Ashley as Debenhams' CEO and Debenhams' lenders agreeing to write-off 148 million pounds of Debenhams debt.
Sports Direct confirmed that, in addition to consideration of the equity issuance, it continues to give active consideration to its pre-conditional possible offer for Debenhams at 5 pence in cash per ordinary share. The Group noted that, as a technical matter, the equity issuance would be an alternative transaction to the possible offer and vice versa.
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