Re: UMBRO plc
29 Gennaio 2008 - 12:00PM
UK Regulatory
RNS Number:7512M
JJB Sports PLC
29 January 2008
29 January 2008
JJB Sports plc supports Nike offer for Umbro plc
JJB Sports plc ("JJB") announces that it has today entered into an irrevocable
undertaking with NIKE Vapor Ltd ("Nike") to vote in favour of the scheme of
arrangement relating to the acquisition of Umbro plc ("Umbro") by Nike at
193.06p per Umbro share in respect of 14,779,712 ordinary shares of 1p each in
Umbro, being the whole of JJB's shareholding in Umbro.
Roger Lane-Smith, JJB's Non-executive Chairman, commented:
"We believe that accepting Nike's cash offer for Umbro is in the best interests
of our shareholders and accordingly we are providing an irrevocable commitment
to accept Nike's offer for Umbro."
This irrevocable undertaking will lapse in the event that a competing offer for
Umbro is announced at a price of not less than 210 pence per Umbro Share.
Should the offer complete, the proceeds of the sale will be used to reduce
borrowings.
Ends
Chris Ronnie
David Greenwood
JJB Sports plc 01942 221400
Lydia Pretzlik
Richard Farnsworth
Maitland 020 7379 5151
A copy of this press release can also be viewed on the JJB Sports plc corporate
website, www.jjbcorporate.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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