Findel Share News (FDL)

(Sharecast News) - Mike Ashley's Sports Direct has upped its holding in Findel and extended its offer for the home shopping company.Taking a break from pushing out endless statements about Debenhams, Sports Direct said on Tuesday that it has received valid acceptances in respect of Findel shares representing approximately 1% of its existing share capital.Sports Direct offered to buy Findel at the beginning of last month for £139.2m. It was required to make the offer after agreeing to buy 6 million shares in the business from a single shareholder, City Financial Absolute, which took its holding to 36.8% from 29.9%. This was above the 30% mandatory offer threshold set by the Takeover Code.It currently has just under 32.7m shares in Findel, which represents a 37.8% stake.Sports Direct said the offer has now been extended and will remain open until the next closing date, which is 24 April.Findel has been vocal in its rejection of the "highly opportunistic" offer, urging its shareholders to take no action as it "significantly" undervalues the group.In a circular on 27 March, Findel chairman Ian Burke said: "Sports Direct's offer provides no compelling reason as to why 161p per share represents a fair price, especially given the operational and financial progress made in transforming the group into a market-leading online value retailer."As stated in its offer document, Sports Direct endorses the strategic plans that the Findel board is implementing, and is supportive of the Findel leadership team delivering these. It is against this backdrop that the board is unanimous in its recommendation that shareholders reject the offer and take no action."At 1625 BST, the shares were up 0.6% at 164p.