October 25, 2018 / 11:34 AM / 25 days ago

Halfords drops plan to buy Evans Cycles - Sky News

Oct 25 (Reuters) - Halfords has dropped its plans to buy Evans Cycles, making way for investors like billionaire Mike Ashley’s Sports Direct to buy the chain, Sky News reported on Thursday citing sources.

The Sky News report said here Halfords, which offered to buy Evans last month, had ended talks with the firm's advisers.

Sky News said that Sports Direct is now considered the frontrunner in the race to acquire Evans. It reported earlier this month that Sports Direct, JD Sports and other financial investors had tabled indicative offers.

Halfords declined to comment on the report. (Reporting by Tanishaa Nadkar in Bengaluru and Paul Sandle in London; Editing by Elaine Hardcastle)

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