The GBP90.1m (US$119.4m) offer from UK sports apparel retailer JD Sports Fashion to acquire struggling rival Footasylum has been accepted by the two parties' boards.

In a statement today (12 Apri), JD Sports Fashion said its bid has been declared "wholly unconditional," essentially meaning that Footasylum shareholders have agreed to the sale. 

The news was first announced last month, shortly after JD upped its stake in Footasylum to 18.7%. The company had said it was prepared to acquire an aggregate interest of 29.9% but denied it had any intention of submitting a takeover bid.

JD Sports Fashion said it received valid acceptances of its offer in respect of a total of 78.2m Footasylum shares, representing about 74.82% of the issued share capital of Footasylum.

"We are very pleased that this offer has been declared unconditional and look forward to welcoming the Footasylum team to our newly enlarged group," said Peter Cowgill, executive chairman of JD. "We believe the combination of these two complementary businesses will deliver significant operational and strategic benefits going forward."

The news follows JD Sports Fashion's acquisition of Pretty Green, the boutique men's clothing brand launched by Oasis frontman Liam Gallagher, last week. 

JD Sports Fashion is a leading distributor of branded sportswear and fashionwear with over 2,400 stores across a number of retail fascias. In Sports Fashion these include JD, Footpatrol, Size?, Sprinter and Tessuti; while its Outdoor formats include Blacks, Millets and GoOutdoors. 

In June last year the group completed its US$558m acquisition of US athleticwear chain The Finish Line, and plans to convert up to 15 further Finish Line stores to the JD fascia in the first half of 2019.

Expert analysis

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