Brand company moves on sports retailer
Pentland Group announced this morning that its offer to acquire shares in John David Group has been declared unconditional. The company has agreed to acquire more than 56 per cent of voting shares in the sports retailer, through its subsidiary Manchester Square Enterprises.
The latter announced it planned to buy out JD Group founders David Makin and John Wardle last month. However, at the time a Pentland Group spokeswoman said it was not interested in running the retailer.
Because Pentland's offer was about 7p lower than the market price, it did not expect shareholders other than Makin and Wardle to take up the offer.
Pentland is a brand management company for well-known high-street names, including Berghaus, Brasher, Ellesse, Lacoste, Red or Dead, Speedo and Ted Baker.
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