- Huw Hughes |
British sports retailer JD Sports has received backing by shareholders to press ahead with its 90 million pound takeover bid of smaller rival Footasylum.
In a statement released on Friday, JD Sports said it received acceptance for its 82.5 pence per share offer by 92 percent of shareholders, adding that it now intends to exercise its right to acquire the remaining eight percent of Footasylum shares. The offer represents an equity value of 90.1 million pounds.
"We are very pleased that this Offer has been declared unconditional and look forward to welcoming the Footasylum team to our newly enlarged group,” Peter Cowgill, executive chairman of JD, said in the statement. “We believe the combination of these two complementary businesses will deliver significant operational and strategic benefits going forward."
The news comes just a week after JD Sports bought Liam Gallagher’s menswear label Pretty Green out of administration for an undisclosed sum.
Photo credit: Footasylum, Facebook