Markets

British Apparel Company Buying Indy-Based Finish Line

British Apparel Company Buying Indy-Based Finish Line

Leading UK-based activewear clothing retailer JD Sports has revealed that it is set to acquire foot wear retailer The Finish Line in a deal worth $558mn, marking the company's entrance into the U.S. market.

Finish Line has struggled with slumping revenue and profits in recent quarters as the shake-up of retail driven in part by e-commerce has negatively impacted the company.

Not surprisingly, analysts had been in the bearish camp. BidaskClub raised shares of Finish Line from a "sell" rating to a "hold" rating in a research note on Friday, December 15th.

Wall Street analysts predict that Finish Line Inc (NASDAQ:FINL) will report $575.11 million in sales for the current fiscal quarter, Zacks reports.

Near-term options traders, however, are more call-heavy than usual, despite limited volume.

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Barnes & Thornburg LLP served as legal counsel to Finish Line. Finish Line Inc has a 52-week low of $6.90 and a 52-week high of $16.38.

In an announcement today (26 March), JD said it plans to acquire 100% of the issued share capital of the business at a price of $13.50 per share in cash.

The investigation concerns whether Finish Line's board failed to satisfy their duties to the Company's shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company's shares of common stock. Aperio Group LLC increased its position in shares of Finish Line by 72.2% during the 3rd quarter. FNY Managed Accounts LLC now owns 10,000 shares of the specialty retailer's stock worth $120,000 after buying an additional 10,200 shares during the period. Public Employees Retirement System of OH increased its position in shares of Finish Line by 15.9% during the 2nd quarter.

The takeover will add a network of more than 1,100 outlets, comprising 556 standalone Finish Line stores across the United States and Puerto Rico and 375 branded and 188 unbranded outlets selling sports shoes at Macy's, the department stores chain.

"Note that JD also indicated plans to open a number of JD branded stores in the US and to accelerate reimaging of the Finish Line store fleet, both of which may be competitive threats for FL", he pointed out. It boasts an established online business and sells brands including Nike, Adidas, Under Armour, Brand Jordan and Puma.


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