Sports Direct up bid for Everlast

UK sportswear retailer Sports Direct International has increased its takeover offer for US boxing equipment firm Everlast to $182.3m (£90.7m). Sports Direct's increased all-cash bid comes after the rival bidder for Everlast , US investment fund Hidary, increased its own offer at the weekend. Hidary on Saturday lifted its all-stock bid to $31.25-per-share from $26.50. Sports Direct is now offering Everlast shareholders $33-per-share, up from its first bid of $30-per-share worth $168m.

Sports Direct is owned by UK billionaire Mike Ashley. Mr Ashley last week increased his stake in Newcastle United to 93.2% - which will allow him to remove the football club from the stock market. Earlier this year he also bought the Lonsdale sportswear brand. Sports Direct is the UK 's largest seller of sporting goods through its Sports World stores.