Debenhams rejects Ashley’s offers to fund rescue in return for CEO job

(Reuters) – Sports Direct said on Monday Debenhams rejected its offer to underwrite a 150 million pound rights issue in exchange for a CEO role for Mike Ashley and a pledge by lenders to write off 148 million pounds of debt.

Sports Direct, controlled by billionaire Ashley, said its preconditional possible offer for Debenhams at 5 pence in cash per ordinary share announced last month was still on the table.

Earlier in the day, Ashley had embarked on a last-ditch battle to take control of Debenhams, accusing board members of dishonesty, while offering to fund a rescue plan in return for the CEO’s job.

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