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| Nike agrees £285m Umbro takeover | Nike agrees £285m Umbro takeover |
| (10 minutes later) | |
| Nike has agreed to buy UK sportswear firm Umbro in a deal that values the company at £285m ($580m). | |
| Speculation had been rising that Nike was set to launch a bid after Umbro said last week that it had received an approach about a possible offer. | Speculation had been rising that Nike was set to launch a bid after Umbro said last week that it had received an approach about a possible offer. |
| Umbro makes the England football kit, but recent sales of the team's replica tops have been disappointing. | Umbro makes the England football kit, but recent sales of the team's replica tops have been disappointing. |
| As well as providing kit for the England team, Umbro also supplies the kit for six Premier League clubs. | As well as providing kit for the England team, Umbro also supplies the kit for six Premier League clubs. |
| Under the terms of the offer, Umbro shareholders will receive 193.06p for each Umbro share. | |
| 'Excellent deal' | |
| Nike said the deal would enable it to "significantly expand Nike's global leadership in football, a key growth category for Nike". | |
| The chief executive of Umbro, Steve Makin, said the offer was an "excellent deal" for shareholders. | |
| "We will be a stronger and better business as part of Nike and this deal will allow us to accelerate our existing growth strategy by leveraging Nike's global resources and expertise," he added. | |
| Brian Barwick, the chief executive of the FA, said: "We are delighted that the proposed acquisition will allow us to continue our strong historical relationship with Umbro while benefiting from the marketing expertise and financial strength of Nike. | |
| "Nike has provided firm assurances that the FA relationship with Umbro will be protected and enhanced, and we look forward to working closely with both companies moving forward." |