UK-based sporting goods retailer has been given a deadline of April 1 to make a formal bid for rival chain Blacks Leisure.  

The Takeover Panel introduced the cut-off date after Blacks dismissed the company’s £26.4 million acquisition offer, which it described as "wholly inadequate".  

If the company fails to submit a bid before 17.00 on April 1 it will not be allowed to make another approach for six months.

Sports Direct owner Mark Ashley owns 28% of Blacks’ shares.

Share this story: