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JD Sports offers to buy Footasylum for £90.1 million

20
Mar '19
Pic: JD Sports
Pic: JD Sports
The board of directors of JD Sports has offered to purchase the UK-based fashion retailer Footasylum at £90.1 million. The offer price is representing a premium of around 77.4 per cent to the Closing Price of 46.5 pence per Footasylum Share on March 15, 2019, JD Sports said in a statement. The acquisition is likely to complete next month.

The cash consideration payable pursuant to the offer will be financed from JD's existing cash resources and facilities. JD is a specialist multi-channel retailer of fashionable branded sports and casual wear, combining globally recognised brands with a number of strong own brand labels. It has over 2,400 stores across a number of retail fascias in 18 countries and aims always to provide its customers with the latest products from leading brands.

"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," Peter Cowgill, executive chairman of JD, said, about the offer.

On February 18, 2019, JD acquired a minority stake of 19,579,964 Footasylum Shares (representing approximately 18.7 per cent. of the Footasylum Shares in issue on March 15, 2019. On February 28, 2019, JD submitted an indicative proposal for an all cash offer, at 82.5 pence for each Footasylum Share, for the entire issued and to be issued share capital of Footasylum not already owned by JD.

"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," Barry Bown, executive chairman of Footasylum, said. (RR)

Fibre2Fashion News Desk – India


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