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Mike Ashley in takeover talks for Blacks Leisure
Mar 2 2010 By ncjMedia Newsdesk
NEWCASTLE United owner Mike Ashley could be set to expand his retail empire.
The controversial businessman may be about to launch a takeover bid for high street leisure giant Blacks Leisure. Mr Ashley’s Sports Direct International all ready owns 28.5% of shares in the company which trades on the high street under the Blacks and Millets brands.
Struggling Blacks had been trying to raise £20m last week to refinance its business through a shareholder ballot. But such a ballot would have required the green light from at least 75% of shareholders.
Mr Ashley and Sports Direct scuppered any chance of such a deal. Sports Direct has now said it is considering to take over the company.
However in a clear sign that Blacks wants to remain independent is has now said it will look at other funding options which will only require approval from 50% of shareholders - meaning they could get the go ahead despite Mr Ashley’s refusal.
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