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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.

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