- Sports Direct said it had proposed a takeover bid for ailing department store Debenhams worth £61.4m.

The sports clothing and equipment retailer said it had proposed a possible offer of 5p for each Debenhams share, which it said represented a 127% premium to the shares' closing price on Tuesday.

Sports Direct said it would also assist Debenhams in addressing its immediate funding requirements.

The possible offer was pre-conditional on Debenhams immediately appointing Mike Ashley as its chief executive and terminating a noteholder consent solicitation process it announced on 22 March.

It was also conditional on Debenhams agreeing not to enter into any third party funding arrangements, granting any new security over any of its assets or entering into any administration process.

'Each of these pre-conditions must be satisfied or waived before any firm offer can be made,' Sports Direct said.

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