(Alliance News) - Goals Soccer Centres PLC late Monday said it "has not frustrated" Sports Direct International PLC from making a takeover offer for the business.
Earlier on Monday, Sports Direct said it did not intend to make a takeover offer for Goals.
Sports Direct said it had "limited" and "fitful" access and cooperation from the board of Goals to support a possible offer. Accordingly, Sports Direct said it was unable to complete necessary due diligence to progress the bid.
However, a spokesperson for Goals said: "Goals has provided Sports Direct with all of the information they have requested as and when it became available. The board has not frustrated in any way Sports Direct from making an offer for the business."
Sports Direct in September offered to buy all Goals shares it does not own for 5.0 pence per share, an 81% discount to Goals' last closing price of 27.20p before its shares were suspended and then later cancelled. Sports Direct already holds a 19% stake in the firm.
When announcing its share cancellation at the end of September, Goals said the process of inviting offers for the business and assets of the firm would continue and would not be affected.
"The board of Goals continues to pursue the AMA process it set out on 29 August 2019, a process which, if successful, Sports Direct believes will result in significant dilution in value for those shareholders who do not participate in the AMA process and be to the detriment of certain creditors," said Sports Direct on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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