Fund Manager Stands by Home Shopping Company

  • Schroders supports Findel’s rejection of Sports Direct’s £140m takeover bid
  • Fund manager Schroders remains supportive of Findel and its management team
  • Findel board unanimously rejected Sports Direct’s bid in March
  • Sports Direct acquires 36.8% stake in Findel after buying £9.7m shares

Fund manager Schroders has backed Findel’s rejection of Sports Direct’s £140 million takeover bid, stating that the offer significantly undervalues the company’s future prospects. Schroders remains supportive of Findel and its management team under Phil Maudsley and Stuart Caldwell. The board of directors unanimously rejected the bid in March after acquiring a 36.8% stake in the Accrington-based business for £9.7 million, triggering takeover rules requiring an offer for the whole company. Ian Burke, Findel’s chairman, expressed gratitude for Schroders’ support.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Schroders’ backing of Findel’s rejection of Sports Direct’s takeover bid, the company’s progress under its management, and the opinion of Findel’s board. It also mentions Sports Direct’s acquisition of other companies in the past.
Noise Level: 3
Noise Justification: The article provides relevant information about the rejection of a takeover bid by Sports Direct for Findel and the support from Schroders, but it lacks in-depth analysis or exploration of long-term trends or possibilities. It also does not offer much actionable insights or new knowledge.
Financial Relevance: Yes
Financial Markets Impacted: Findel’s stock price
Financial Rating Justification: The article discusses a takeover bid for Findel by Sports Direct and the involvement of Schroders as a fund manager, which impacts the company’s stock price and its future prospects.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text. The article discusses a financial crisis related to a takeover bid, but it does not meet the criteria for an extreme event as defined by the task.

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