BLACKS Leisure has turned down a takeover offer from Sports Direct, branding it “wholly inadequate”.
Sports Direct, which owns brands including Dunlop and Slazenger, had offered 62 pence per share.
The Blacks group includes Millets and Freespirit as well as the Blacks shops and has recently closed 87 shops as part of a cost-cutting programme.
The company said the bid from Sports Direct, which is controlled by Newcastle United owner Mike Ashley, had been knocked back.
A statement said: “The Board, having consulted with its advisers, has rejected the indicative offer as being wholly inadequate.”