JD Sports Makes Offer for All of Footasylum
With strong U.K. retailers continuing to snap up ailing competitors, JD Sports upped its interest in Footasylum with a £90.1 million ($119.8 mm) offer to take over its smaller rival. Sir Sneaker had earlier taken an 8% stake in Footasylum, saying it was for investment purposes, but it later upped the stake to 18% and this latest offer was approved by the Footasylum board. The £0.825 per share price represents a 77% premium to the share price last Friday after JD’s initial interest was known. JD’s initial interest came after Footasylum put out a profit warning following a weak Holiday ... Log in to view full article.