Everlast Worldwide is at the center of a takeover tussle as UK sportswear retailer Sports Direct International increased its takeover offer for the U.S. boxing equipment and sporting goods firm to $182.3 million.

Sports Direct's increased all-cash bid comes after the rival bidder for Everlast, U.S. investment fund Hidary, increased its own offer over 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 $168 million.

Sports Direct is owned by UK billionaire Mike Ashley, who last week increased his stake in Newcastle United to 93.2 percent, allowing 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.