Blacks Leisure in takeover talks
Troubled UK retailer Blacks Leisure is today in takeover talks with "a number of interested parties" although no formal offer has yet been received. This is a company which has been very much in the headlines over the last few years due to reduced trade, financial difficulties and management changes. So could the final chapter of the Blacks Leisure story be one the way?
Those who follow the company through thick and thin will be well aware of its volatile past and volatile nature. The shares are up around 25% this morning at just under 43p with rumours of interest from retail companies and Private Equity ventures. Whether this is indeed the end of Blacks Leisure as a stand-alone operation remains to be seen but it is interesting to see that there is takeover activity on the high street even in these difficult economic times.
The company instigated a £20 million emergency fundraising earlier this year to ensure there was sufficient funding available to continue trading. As a consequence the 29% stake held by Sports Direct was subsequently diluted to 14.5% although whether or not Sports Direct is involved in the early stage takeover talks remains to be seen.
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