08:14 ET<\/span>
\n<\/span><\/p>\nSports retailer JD Sports has scrapped its takeover pursuit of JJB Sports, claiming its rival snubbed requests for information.<\/p>\n
The companies revealed in a joint statement last month that they were in “early stage” negotiations.<\/p>\n
But JD said it had got no response from JJB for information to help it proceed with its bid approach.<\/p>\n
JJB, whose shares slumped on the news, said that JD’s bid plan was “lacking sufficient certainty”.<\/p>\n
JD said in a statement on Friday that it had asked for details about a proposed restructuring of JJB’s property portfolio but that it had “received no further information whatsoever from JJB Sports”. <\/p>\n
At midday shares in JD had risen 5.9%, while JJB had fallen 11.7%.<\/p>\n
Store closures<\/span><\/p>\nDespite a major promotional drive, JJB’s sales have fallen and the company is engaged in a restructuring.<\/p>\n
The Wigan-based business is offering landlords up to \u00a37.5m if they accept a deal that could see 89 stores close as it battles to stave off administration.<\/p>\n
A deal with JD would have created one of the biggest High Street chains in the UK.<\/p>\n
Mike McTighe, chairman of JJB, said after JD withdrew its interest: “We welcome today’s clarification from JD Sports.<\/p>\n
“JJB’s restructuring continues as planned with the whole management team focused on and committed to delivering a stable standalone future for JJB and its employees.<\/p>\n
“The board remains confident that with the support of our stakeholders we can achieve a successful turnaround of the business.”<\/p>\n<\/p><\/div>\n<\/p>\n
Read more:
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