Last checked at 11 Mar 2011 12:06
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11 March 2011
JJB Sports plc
Statement re possible offer
JJB Sports plc ("JJB" or the "Company") notes the announcement by JD Sports Fashion plc ("JD Sports") this morning that it is no longer considering pursuing an offer for the Company.
The Board welcomes the clarification by JD Sports of its position which will enable the Company to continue to focus exclusively on delivering its standalone restructuring plan with the support of its stakeholders. The Board considered JD Sports' indicative proposal to be highly conditional and lacking sufficient certainty to be deliverable.
Mike McTighe, JJB Chairman, said: "We welcome today's clarification from JD Sports. 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. The Board remains confident that with the support of our stakeholders we can achieve a successful turnaround of the business."
The Company currently expects to provide further details of its revised business plan, anticipated funding requirements and proposed financing arrangements on or around 15 March 2011.
Enquiries:
JJB | 01942 221400 |
Mike McTighe Keith Jones | |
Lazard | 020 7187 2000 |
Melanie Gee Aamir Khan | |
Maitland | 020 7379 5151 |
Neil Bennett Richard Farnsworth |
Lazard & Co., Limited, who is authorised and regulated in the UK by the Financial Services Authority, is acting for JJB and no-one else in connection with the possible offer and will not regard any other person as a client in relation to the possible offer and will not be responsible to anyone other than JJB for providing the protections afforded to its clients or for providing advice in relation to the possible offer or any matters referred to in this announcement.
About JJB Sports
JJB Sports plc (JJB: LSE) is one of the UK's leading sports retailers. The Group, headquartered in Wigan and today listed on the Main Market of the London Stock Exchange, currently trades from 246 JJB branded retail stores in the UK and Ireland and employs over 6,100 people. Further information about the Group can be found on the Group's corporate website, www.jjbcorporate.co.uk.