Debenhams rejects higher Ashley offer, set for administration –

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© Reuters. FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London

LONDON (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 (LON:) 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.

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