JD Sports will take over Footasylum for £90m, a little more than half of what its struggling smaller rival was valued at when it floated 16 months ago.
JD Sports said that it had offered 82.5p a share for Footasylum, which reflects a 77.4% premium to Friday’s closing price but is below its flotation price of 164p a share in November 2017.
Footasylum’s founding family have recommended the deal and are set to earn £54m from the sale of their shares when the takeover completes.
The Telegraph adds that the children of Footasylum’s co-founder are in for a £50m windfall after waving through a takeover bid by rival JD Sports.
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