Rebel Sport agrees to private equity bid

Australian sporting goods and clothing retailer Rebel Sport Ltd. today said it had agreed to a takeover proposal from private equity firm Archer Capital that valued the company at A$369 million ($430.6 million).

Rebel said Archer had offered to acquire all of its shares for A$4.60 a share. The agreement is subject to due diligence investigations.

Rebel Sport on Monday said it had received a proposal in relation to the future of the company, and requested its shares be placed on a trading halt until it made an announcement on the proposal or until Wednesday morning.

Shares in the company, about 52 per cent owned by Harvey Norman Holdings Ltd, last closed at a record high of A$4.35.

- REUTERS