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Reuters
Published
Mar 11, 2011
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JD Sports says won't bid for JJB

By
Reuters
Published
Mar 11, 2011

LONDON, March 11 (Reuters) - British sportswear retailer JD Sports Fashion (JD.L) said it would not bid for smaller JJB Sports (JJB.L), dealing a further blow to its struggling rival. Last month JD said it was in talks with JJB, in which America's richest man Bill Gates holds a 5.5 percent stake, regarding a possible takeover offer. But it said on Friday it would not proceed with a bid.

Shares in JD were up 4.6 percent at 921 pence by 1135 GMT, while shares in JJB were down 6.7 percent at 13.5 pence.

Last week JJB set out the details of a rescue plan to keep it in business.

It needs creditors, including landlords and shareholders to back its second company voluntary arrangement (CVA) in as many years or it will likely go into administration, threatening 6,300 jobs. (Reporting by James Davey, editing by Mark Potter)

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