Nike announced that shareholders of Umbro plc approved the acquisition by Nike. Pending the court hearings and final regulatory approvals, Nikes wholly owned subsidiary, NIKE Vapor Ltd., expects to complete the acquisition in early March.
Mark Parker, president and CEO of Nike, said: “We are pleased that shareholders have accepted our offer, and we are excited to have Umbro join the Nike, Inc. family. We look forward to completing the acquisition, working with the Umbro team and investing in the long-term growth of this iconic football brand, and continuing a strong relationship with the Football Association.“
On October 23, Nike announced that it had reached agreement for an all-cash offer of £285 million (approximately $565 million) to acquire Umbro. The Board of Directors of Umbro plc unanimously recommended that shareholders accept the offer. Umbro is a leading United Kingdom-based global football (soccer) brand with more than 70 years of experience in the worlds No. 1 sport and the worlds biggest football market.
The acquisition is intended to expand Nikes global leadership in football, a key growth category for the company. Nike intends to operate Umbro as a stand-alone brand, with a focus on accelerating Umbros existing growth strategy.