Skip navigation

Gloucestershire Business News

Sports Direct make a £52million bid for GAME

Sports Direct have made a £52million offer for GAME in their latest biid to expand their High Street empire.

Mike Ashley's Sports Direct Group currently hold 29.90 per cent of shares in the video game store and are the largest shareholder.

They have now agreed to acquire a further tranche of shares that will take their stake to 38.49 per cent, above the threshold for which it needs to make a mandatory offer.

That offer will be for 30 pence per share, valuing the company at £51.88 million.

In a statement issued to the London Stock Exchange, Sports Direct have warned that although the move is to secure the future of GAME, it will lead to a review of the business and could lead to store closures.

The statement said: "The review could result in consolidation or closure of GAME sites and a consequent reduction or relocation in the employment of GAME's employees and management."

Sports Direct are no strangers to attempting takeovers of high street names, having failed to buy a controlling stake in Debenhams earlier in the year.

GAME closed their store in Cheltenham high street late last year, but still have an outlet in King's Walk in Gloucester.

Related Articles

Part of the A38 in Gloucestershire to be completely closed next month Image

Part of the A38 in Gloucestershire to be completely closed next month

A section of the main road between Gloucester and Tewkesbury will be closed as a new roundabout is being built.

Detailed plans submitted for nearly 500 new homes on outskirts of Gloucester Image

Detailed plans submitted for nearly 500 new homes on outskirts of Gloucester

The developer who are planning to build 465 homes in Churchdown have now submitted detailed plans.

Former Gloucester Rugby chief executive Stephen Vaughan moves to Premiership rivals  Image

Former Gloucester Rugby chief executive Stephen Vaughan moves to Premiership rivals

Stephen Vaughan didn’t have long to wait for his next job to roll around after leaving his post as chief executive of Gloucester Rugby.

Leisure at Cheltenham signs as Cheltenham Town FC's fitness partner Image

Leisure at Cheltenham signs as Cheltenham Town FC's fitness partner

The team at Leisure at Cheltenham has signed up as Cheltenham Town Football Club’s official fitness partner for the fifth year running.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.