JD Sports will not be making an offer for rival JJB Sports.
JJB said its board welcomes the clarification.
It will now focus exclusively on delivering its standalone restructuring plan with the support of its stakeholders, which includes updating stores along the lines of six trial outlets it has been running, closing loss-making shops and investing more in its online business.
JJB added its board considered JD’s proposal to be highly conditional and lacking sufficient certainty to be deliverable.
It was described by JJB in the Financial Times as having “more strings attached than a tennis racquet”.
JJB chairman Mike McTighe says: “JJB’s restructuring continues as planned, with the whole management team focused on and committed to delivering a stable standalone future for JJB and its employees.
“The board remains confident that with the support of our stakeholders we can achieve a successful turnaround of the business.”
JJB confirmed it plans to provide further details of its revised business plan, anticipated funding requirements and proposed financing arrangements on or around March 15.
JD Sports told The Guardian newspaper: “JD has received only limited non-public information relating to JJB Sports.
“Despite requests made with a view to enabling it to put forward alternative proposals for the future of the JJB business, since early February JD has received no further information whatsoever [beyond what is in the public domain].”
