Sports Direct may thwart Nike’s Umbro bid - sportstextiles: Lea SportsTextiles

News

Sports Direct may thwart Nike’s Umbro bid

31/10/2007

Nike may find acquiring Umbro more problematic than originally anticipated. UK-based Sports Direct has doubled its stake in the company to almost 30%, leading to speculation that it may try to prevent Nike’s £285 million bid, which has been recommended by Umbro’s board, from being accepted.

The shares set Mike Ashley’s Sports Direct back £42 million and have taken its stake to the maximum level possible without submitting a full bid for the company.

It is unclear what the next move will be, with rumours that Sports Direct may sell its stake to Nike rival adidas, but a bidding war of some sort is likely to ensue.


Sportstextiles.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.