Umbro says High Court approves Nike’s recommended cash acquisition

LONDON (Thomson Financial) - Umbro PLC said the High Court of Justice has approved the recommended cash acquisition by Nike Vapor, a unit of Nike Inc, to acquire the company.

For the acquisition to become effective in accordance with its terms, the court must now confirm the reduction of capital at the reduction court hearing, which is expected to take place on Feb 29, Umbro said.

Umbro also said it will apply for the suspension of the listing of its shares on the official list and for the suspension of trading of its shares on the London Stock Exchange’s main market, adding the cancellation will be effective from March 4.

On Jan 31, 2008, athletic shoe and apparel maker Nike Inc said shareholders of Umbro approved its 285 mln stg takeover offer.

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