April 9, 2019 / 6:15 AM / 7 months ago

Debenhams rejects higher Ashley offer, set for administration

LONDON, April 9 (Reuters) - Debenhams said on Tuesday it had rejected a last-minute offer by shareholder Mike Ashley to underwrite an increased 200 million pound ($262 million) rights issue, meaning it is likely to fall into the hands of its lenders shortly.

Sports Direct boss Ashley increased his offer to underwrite the business to 200 million pounds from an earlier offer of 150 million pounds at around midnight on Monday. Debenhams said in a statement on Tuesday that offer was not sufficient for the lenders. ($1 = 0.7641 pounds) (Reporting by Kate Holton)

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