Sports Direct increases French Connection stake to 27%

Mike Ashley’s Sports Direct has increased its stake in French Connection to 27%, taking it close to a level at which it must launch a takeover bid.

Sports Direct has bought out activist investors, including Gatemore Capital Management – a London-based hedge fund that had an 8% stake – and OTK, an investment firm that owned about 7%, to add to an existing 11% stake.

Under takeover rules, a shareholder owning shares worth 30% or more of a company’s stock must launch a formal takeover bid.

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