€450m offer for Umbro possible

UMBRO, the sportswear manufacturer that has the contract to supply the Irish soccer team, is being circled by a British entrepreneur who is thought to be working on a €450 million takeover bid.

Mike Ashley, who owns the Sports World retail chain, is expected to make a formal approach next month and already owns a 4.6% interest in the company.

Analysts consider Umbro a takeover target after industry heavyweights Adidas and Reebok announced plans to merge last week.