JD Sports has made an offer to buy clothing and shoe retailer Footasylum for £90.1 million. JD, which acquired approximately 18.7 per cent of Footasylum in February this year, now seeks to takeover the company and has offered to pay 82.5 pence a share.
Founded in 2005, Footasylum focuses “on-trend” product ranges which are predominantly aimed at 16 to 24-year-old fashion-conscious customers and are sourced from an extensive stable of third party and own brands. These include well-known sports and casual footwear and apparel brands, as well as up-and-coming brands and own label products.
Peter Cowgill, Executive Chairman of JD, said: “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.”
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. 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.”