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Nike agrees £285m Umbro takeover Nike agrees £285m Umbro takeover
(40 minutes later)
Nike has agreed to buy UK sportswear firm Umbro in a deal that values the company at £285m ($580m). Umbro, the maker of the England football team's kit, has agreed to be bought by US sportswear giant Nike in a deal worth £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. Nike said the deal would allow it to "significantly expand" its presence in football, describing the area as "a key growth category" for the firm.
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. Recent sales of England replica tops have been disappointing.
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.
On Friday, retailer JJB Sports bought a 10.1% stake in Umbro in a move to protect its stake in the market for England football shirts.
'Excellent deal''Excellent deal'
Nike said the deal would enable it to "significantly expand Nike's global leadership in football, a key growth category for Nike". In addition to the England team, Umbro also provides kit for the Republic of Ireland, Northern Ireland, Norway, and Sweden.
ENGLISH PREMIER LEAGUE CLUBS WITH UMBRO KIT BirminghamBlackburnEvertonSunderlandWest HamWigan See Umbro's share price
In the Scottish Premier League, Umbro supplies kit to Rangers and Hearts.
Under the terms of the offer, Umbro shareholders will receive 193.06p for each Umbro share.
The chief executive of Umbro, Steve Makin, said the offer was an "excellent deal" for shareholders.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."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.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.""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."