Pentland Group has declared its offer for sportswear retailer JD Sports unconditional after reaching its target for acceptances. Sportwear brand owner Pentland launched its offer last month, after agreeing to buy out the 45 per cent of the business owned by JD Sports co-founders John Wardle and David Makin.
However, by pitching the offer a 211p a share, below the market price of JD shares, Pentland expected few further acceptances. The company said that its bid vehicle Manchester Square Enterprises has received total acceptances amounting to 56.36 per cent of JD shares. That gives Pentland majority ownership of the company while maintaining a stock market listing.
When launching the offer, Pentland chairman Stephen Rubin said: “Given the view we have of JD’s future prospects, and the discount to the market price represented by the offer, we are not expecting a high level of acceptances. Indeed, we look forward to sharing in the future of JD alongside other JD shareholders who, like us, have faith in JD’s future.”
Pentland Group owns a number of international sports and leisure brands, including Ellesse, Speedo, Kickers, Berghaus and Red or Dead.