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Britain's Findel receives key shareholder's support on rejecting Sports Direct bid

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FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, leads journalists on a factory tour after the company's AGM, at the company's headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo
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(Reuters) - Online retail and education business Findel Plc said on Monday it had received a letter of support from its second-largest shareholder Schroders Investment Management Ltd for its rejection of a buyout offer from Mike Ashley's Sports Direct.

"Schroders agrees with the conclusion of the Findel Board that the offer significantly undervalues the future prospects of Findel," the company said in a statement and reiterated its intention to not accept the offer which values Findel at 139.2 million pounds.

Schroders Investment Management holds an 18.85 percent stake in Findel.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)