UK: OFT investigates Sports Direct stake in Blacks
If evidence of this is found then the OFT will investigate whether it might lessen high street competition.
Sporting goods chain Sports Direct bought a 28.5% share in Blacks in February, but saw its GBP26.4m (US$40m) bid for the outdoor retailer rejected by board members a month later.
A note released by the OFT on Monday (17 May) said: "Should it be found to be a relevant merger situation the OFT will further consider whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the UK for goods or services that warrants reference to the Competition Commission for investigation."
Outdoor retailer Blacks Leisure Group narrowed its first half operating losses amid falling sales caused by the closure of 88 loss-making stores earlier this year....
Retailer Sports Direct International posted a 5.4% increase in both sales and gross profit in the nine weeks to 26 September, with retail sales moving up 6.9% over the same period....
Shares in retailer Blacks Leisure Group soared by 25% today (19 October) after the company confirmed that it was in talks over a possible sale of the business....
Sporting goods retailers JJB Sports and Sports Direct International have escaped prosecution after a year-long investigation by the UK's Serious Fraud Office (SFO)....
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