Debenhams rejects Mike Ashley's £150m offer

Debenhams has rejected a £150m proposal made by Sports Direct as Mike Ashley attempts to prevent the department store from falling into the hands of its lenders.The latest plan from Sports Direct International - first revealed by Sky News - offered to underwrite a £150m rights issuance for the department store chain in exchange for lenders agreeing to write off £148m of debt.Sports Direct, which owns 30% of the struggling chain, wants to install Mr Ashley as chief executive as