Sports Direct backs Umbro takeover

US giant Nike’s £285m (€394m) takeover of England kit manufacturer Umbro was today given the thumbs up by Sports World billionaire Mike Ashley.

Sports Direct backs Umbro takeover
Fri, 21 Dec, 2007 - 14:19

US giant Nike’s £285m (€394m) takeover of England kit manufacturer Umbro was today given the thumbs up by Sports World billionaire Mike Ashley.

Mr Ashley’s Sports Direct International, which owned 29.9% of Umbro’s shares, has agreed to sell two-thirds of its holding to Nike for £56.1m (€77.5m).

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