April 1, 2019 / 1:22 PM / 4 months ago

Britain's Findel receives key shareholder's support on rejecting Sports Direct bid

April 1 (Reuters) - Online retail and education business Findel Plc said on Monday it had received a letter of support from its second-largest shareholder Schroders Investment Management Ltd for its rejection of a buyout offer from Mike Ashley’s Sports Direct.

“Schroders agrees with the conclusion of the Findel Board that the offer significantly undervalues the future prospects of Findel,” the company said in a statement and reiterated its intention to not accept the offer which values Findel at 139.2 million pounds ($182.48 million).

Schroders Investment Management holds an 18.85 percent stake in Findel.

$1 = 0.7628 pounds Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber

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