Home Business News JD Sports agrees £90m takeover of Footasylum

JD Sports agrees £90m takeover of Footasylum

by LLB Reporter
18th Mar 19 8:50 am

Sportswear retailer Footasylum is to be bought out by JD Sports, in a deal that will value the company at more than £90m.

JD Sports has agreed to pay 82.5p per share, last week Footasylum’s shares were 46.5p at closing.

Barry Bown, executive chairman of Footasylum, said, “The Footasylum board has concluded that the offer represents the best strategic option for Footasylum and its employees.

“It believes the offer fairly reflects Footasylum’s current market position and prospects on a standalone basis and, as such, that Footasylum shareholders should be given the opportunity to realise value from the offer.”

The deal is expected to complete around April or May however, the offer will be subject to a shareholder vote.

Peter Cowgill, JD’s executive chairman said. “We are pleased to make this offer for Footasylum, which is very complementary to our existing businesses in the UK.

“We believe that there will be significant operational and strategic benefits through the combination of the very experienced and knowledgeable management team at Footasylum and our own expertise.”

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