Business

Blacks Leisure shares jump sharply on takeover talk

 

Shares in Blacks Leisure have jumped by 25% in early trading after the company said it had received several takeover approaches.

The company said these could lead to a bid for either all or parts of the business.

A statement from Blacks said there was no certainty any bids would be made.

It follows reports in the Daily Telegraph newspaper that said Blacks had received at least two approaches from private equity firms.

Blacks, which runs the Blacks Outdoor and Millets chains, came close to administration last year before reaching a rescue deal with creditors that saw it close over 100 stores.

It raised £20m in May after reporting a loss of £47m for the year to February.

The fundraising was opposed by largest shareholder Sports Direct, which at one stage considered a £26m takeover bid for Blacks.

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