Sports Direct bids for Blacks

Blacks Leisure Group, which owns outdoor leisure chains Blacks and Milletts, has says it has received a cash offer from Sports Direct International.

Last week, Sports Direct, which is owned by Newcastle United chairman Mike Ashley, said that it planned to oppose a planned £22million share placing by Blacks, which has recently completed a Company Voluntary Arrangement.

If approved by Blacks Leisure's shareholders, the bid would give Ashley's business 220 more stores.

Sports Direct has recently bought back from Kaupthing an 11 per cent stake it previously owned in Bury-based JD Sports Fashion.