Footasylum Shareholders Vote in Favor of JD Sports Acquisition

  • JD Sports’ £90.1m takeover of Footasylum approved by shareholders
  • Over 78 million Footasylum shareholders voted in favor of the deal
  • Compulsory acquisition notice sent, expected to be accepted on June 5th
  • JD Sports already owned a stake in Footasylum before the takeover bid

JD Sports has announced that its £90.1 million takeover of Footasylum has been approved by shareholders after a meeting on April 12th, with over 78 million Footasylum shareholders voting in favor of the deal, representing around 75% of the retailer’s capital. A compulsory acquisition notice has been sent and is expected to be accepted by shareholders on June 5th, marking the end of Footasylum’s time as a publicly listed company. JD Sports already held a stake in footwear specialist Footasylum after purchasing a percentage of its share capital in February. The sportswear retailer plans to activate Section 979 of the Companies Act 2006 to acquire the remaining stores. In March, JD Sports made its bid for Footasylum public, stating that the acquisition would be ‘very complementary’ to their existing UK businesses and would bring significant operational and strategic benefits through the combination of Footasylum’s management team and JD Sports’ expertise.

Factuality Level: 10
Factuality Justification: The article provides accurate information about JD Sports’ takeover of Footasylum, including details such as shareholder votes, timeline for the acquisition process, and statements from JD Sports’ executive chairman Peter Cowgill. It is well-sourced and objective in its reporting.
Noise Level: 3
Noise Justification: The article provides relevant information about a business acquisition and includes quotes from an executive, but it lacks in-depth analysis or exploration of the implications of the deal on the industry or consumers.
Financial Relevance: Yes
Financial Markets Impacted: JD Sports, Footasylum shareholders
Financial Rating Justification: The article discusses a takeover deal between JD Sports and Footasylum, which impacts the financial markets as it involves significant amounts of money and changes in company ownership.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

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