Ashley's Sports Direct drops plan to buy Debenhams

(Reuters) - Billionaire Mike Ashley's Sports Direct said it did not intend to make an offer to buy Debenhams after lenders took control of the ailing retailer on Tuesday.

Sports Direct had until April 22 to make a firm offer for the retailer or walk away under British takeover rules.

Debenhams was locked in a long-running battle for control with its largest shareholder, Ashley's Sports Direct.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)