UK-based JD Sports has announced that its offer to buy fashion retailer Footasylum has become wholly unconditional in all respects.
JD received acceptance in respect of a total of 78,176,481 Footasylum shares, representing around 75% of the issued share capital.
With this level of acceptances, JD will exercise its rights to compulsorily acquire the remaining Footasylum shares.
JD Sports executive chairman Peter Cowgill said: “We are very pleased that this offer has been declared unconditional and look forward to welcoming the Footasylum team to our newly enlarged group.
“We believe the combination of these two complementary businesses will deliver significant operational and strategic benefits going forward.”
Established in 2005, Footasylum offers a range of sports and casual footwear and apparel brands, as well as own label products.
Furthermore, Footasylum ’s non-executive directors Stephen Robertson and Brendan Hynes have resigned from the Board with immediate effect.
GCA Altium is serving exclusively for Footasylum as financial adviser and Nomad.