Business
Proposed Acquisition of The Finish Line, Inc.
Proposed Acquisition of The Finish Line, Inc..
About this update from Jd Sports Fashion Plc
[{"type":"text","content":"\n \nRNS Number : 8428I JD Sports Fashion Plc 26 March 2018 \n\n \n26 March 2018\n \nJD Sports Fashion Plc\n \nProposed Acquisition of The Finish Line, Inc.\n \nJD Sports Fashion Plc (\"JD\" or the \"Company\"), the leading European retailer of sports, fashion and outdoor brands, announces that on 25 March 2018 it entered into a conditional acquisition agreement to acquire 100% of the issued share capital of The Finish Line, Inc. (\"Finish Line\") at a price of $13.50 per Finish Line share in cash, valuing Finish Line's total equity at approximately $558 million (approximately £396 million) (the \"Acquisition\").\n \nFinish Line is one of the largest retailers of premium multi-branded athletic footwear, apparel and accessories in the United States (\"US\"), the largest sportswear market in the world. Finish Line trades from 556 Finish Line branded retail stores across 44 US states and Puerto Rico in addition to a well-established multi-channel offering. Finish Line is also the exclusive retailer of athletic shoes, both in-store and online for Macy's, one of the US' premier retailers, operating 375 branded and 188 unbranded concessions within Macy's stores. \n \nThe Acquisition offers the Company the opportunity to expand its market leading elevated proposition into the most significant global market. It immediately gains the benefit of a significant physical and online retail presence and increases the importance of the Company to its major international brand partners. On completion of the Acquisition, the Company will focus on bringing JD's highly differentiated multi-channel retail proposition to the US market.\n \nHighlights:\n \n· Finish Line is listed on the NASDAQ stock exchange with a market capitalisation of approximately $425 million (approximately £301 million) as at 23 March 2018, being the last practicable date prior to the publication of this announcement\n \n· For Finish Line's year ended 25 February 2017, Finish Line had revenues of $1.84 billion (£1.30 billion) and a profit before tax of $54 million (£38 million). For Finish Line's year ended 3 March 2018, Finish Line had revenues of $1.84 billion (£1.30 billion)\n \n· Finish Line employs around 3,700 full time and...