Sports Direct ups Everlast bid to £90.7m

02-07-2007

Sports Direct ups Everlast bid to £90.7m
UK retailer Sports Direct International has increased its takeover offer for US boxing equipment manufacturer Everlast to match a rival bid from Hidary, a US investment fund.

The sportswear firm has increased its bid to $33 (£16) per share in a bid worth $182.3 million (£90.7 million).

Sports Direct chief executive Dave Forsey said: "This increased offer represents an attractive premium to Hidary's offer and provides Everlast's shareholders with execution and deal certainty."

Both firms have been battling to acquire Everlast with each trying to outdo the other.

Initially, Everlast agreed to be bought by Hidary but then chose to opt for Sports Direct International's bid of $168 million (£84 million).

Over the weekend, Hidary upped the ante in the fight to acquire Everlast by increasing is offer to $31.25 (£15.5) per-share from $26.50 (£13.2).

Sports Direct is owned by UK billionaire Mike Ashley who recently increased his stake in Newcastle United to 93.2 percent.

Earlier this year, the businessman also bought the Lonsdale sportswear brand.

Credit Suisse is advising Sports Direct on its bid for Everlast.



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