Despite buying an 8.3 per cent stake, JD Sports (JD.) insists it is not preparing to make a bid for struggling rival Footasylum (FOOT). It acquired the stake “for investment purposes” and says it is “prepared to acquire an aggregate interest of 29.9 per cent”.
IC TIP:
Buy
at
463p
Footasylum chief executive Claire Nesbitt’s father, David Makin, helped found JD Sports, while its current chairman, Barry Brown, served as chief executive of JD Sports between 2000 and 2014. Footasylum issued several warnings over the past year – most recently in January – as prolonged discounting weighs on margins.
