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

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.