Sports Direct has bought out activist investors, including Gatemore Capital Management – a London-based hedge fund that had an 8% stake – and OTK, an investment firm that owned about 7%, to add to an existing 11% stake. Under takeover rules, a shareholder owning shares worth 30% or more of a company’s stock must launch a formal takeover bid. It is not clear what his plans are for French Connection. French Connection said: “Sports Direct is recognising the value that is in French Connection shares. We cannot comment on what their plans are.”Marks, who founded French Connection in 1972, will be key to deciding the future of the business.

Source: The Guardian July 27, 2017 17:16 UTC