JD Sports has snapped up a chunky stake in Footasylum, prompting the Aim-listed trainer and sportswear retailer’s share price to almost double.
JD Sports told the stock market yesterday that it had bought almost 8.7m shares in Footasylum, equivalent to an 8.3% stake. The acquisition, worth about £2.5m, fuelled speculation of a potential collaboration between the businesses.
Investors quickly bought into that idea, sending shares in Footasylum bounding 26.25p higher to 55.25p, a surge of 91.4% that added more than £27.5m to its market capitalisation.
Click here for the full Times article (£)
