JD Sports to buy Footasylum for £90m

JD Sports has made an offer to purchase clothing and shoe retailer Footasylum for £90.1m. JD Sports already owns 8% of Footasylum after buying a stake in February. Footasylum has been going through a difficult period. In September, it warned of weaker than expected profits following poor trading over the summer. Shares more than halved after that warning, to trade at 40p. The cash offer values each Footasylum share at 82.3p. That is a near 80% premium on Friday's closing price of 46.5p. JD Sports, which targets young adults, said the two businesses would complement each other.

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