UK: JD drops interest in JJB
Sportswear chain JJB will now focus on its restructuring plan
JD said this morning (11 March) it was no longer considering the bid, after last month revealing buyout talks were being held between the two companies.
Earlier this month JJB outlined details of its second company voluntary arrangement (CVA) in as many years, as part of a restructuring to avoid going into administration.
JD said in a stock exchange statement today: "Following a detailed assessment of the opportunity from the further public information made available in the detailed CVA proposals issued on 3 March 2011, JD Sports Fashion now confirms that it has decided that it does not intend to make an offer for JJB Sports."
JJB's board reacted by saying it 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."
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