JD Sports Fashion plc has offered to take over Footasylum plc for 82.5 pence per share or 90.1 million pounds (119.81 million dollars) in cash. The company said in a statement that the offer price represents a premium of approximately 77.4 per cent to the closing price of 46.5 pence per Footasylum Share on March 15, 2019 and values the entire issued and to be issued ordinary share capital of Footasylum at upto approximately 90.1 million pounds on a fully diluted basis.
Commenting on the Offer, 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.”
JD added that the company believes that Footasylum is a well-established business with a strong reputation for lifestyle fashion and, with its offering targeted at a slightly older consumer to JD's existing offering, it is complementary to JD. JD also believes that there will be significant operational and strategic benefits from a combination of the two businesses.
JD Sports Fashion is a multichannel retailer of sports fashion and outdoor brands and operates over 2,400 stores across a number of retail fascias.