Sports Direct Scuppers Nike/Umbro Deal?

UK retailer and brand owner Sports Direct may be in the process of scuppering the Nike takeover of Umbro after it increased its shareholding in the football sports brand to 29.9 percent last week, at a cost of £40 million. This is the maximum

April 6, 2018

UK retailer and brand owner Sports Direct may be in the process of scuppering the Nike takeover of Umbro after it increased its shareholding in the football sports brand to 29.9 percent last week, at a cost of £40 million. This is the maximum shareholding allowed under UK Stock Exchange rules before a full takeover bid is launched. As the Nike agreed deal with Umbro is a scheme of arrangement that requires agreement from 75% of shareholders, the market is watching to see what will happen next.

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