March 18 (Reuters) - JD Sports Fashion Plc agreed to buy smaller rival Footasylum Plc for 90.1 million pounds ($119.63 million), nearly a month after the company raised its stake in the youth footwear and clothes seller to more than 18 percent.
The all-cash offer of 82.5 pence per Footasylum share represents a 77.4 percent premium to Footasylum’s closing price of 46.5 pence on March 15. JD Sports had earlier said that it did not intend to make an offer for the company.
($1 = 0.7532 pounds)
Reporting by Sangameswaran S in Bengaluru; Editing by Anil D'Silva