Shareholders approve JD Sports’ £90m Footasylum takeover

JD Sports has announced its £90.1m Footasylum takeover has been given the go-ahead by shareholders, after it was voted through at a meeting on 12 April.

Over 78 million Footasylum shareholders voted for the JD Sports deal, which is said to represent around 75% of the retailer’s capital. Following the vote, JD Sports has sent a formal compulsory acquisition notice to Footasylum which is yet to be accepted by shareholders.

A shares transfer following the compulsory acquisition notice is expected to happen on 5 June, ending the footwear retailer’s short time as a publicly listed company.

The sportswear retailer already owns a stake in footwear specialists Footasylum, having bought a percentage of its share capital in February. JD Sports is set to activate Section 979 of the Companies Act 2006, in order to acquire the footwear retailer’s remaining stores.

In March, JD Sports went public with its bid for Footasylum, with a statement claiming the sportswear retailer had “reached [an] agreement on the terms of a recommended cash offer”.

Peter Cowgill, executive chairman of JD, said at the time of the offer: “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.”