JD Sports expands to the U.S. with £394m acquisition
Mar 28, 2018, 00:59
Having expanded overseas in recent years, entering markets like France, Spain and South Korea, JD Sports had been eyeing an entry into the US, and the $558 million Finish Line deal announced Monday will bring the British firm's expertise in operating successful sportswear outlets to the lucrative market. The news has FINL stock on track for its best day since at least 2008.
The Finish Line made revenues of $1.84bn and profit before tax of $54m in the year to end-February in a United States market that JD has long identified as "key expansion target" to maintain its growth strategy.
Not surprisingly, analysts had been in the bearish camp. BidaskClub upgraded shares of Finish Line from a "sell" rating to a "hold" rating in a research report on Friday, December 15th. Under the terms of the transaction, Finish Line shareholders will receive $ 13.50 in cash.
Near-term options traders, however, are more call-heavy than usual, despite limited volume. Maverick Capital Ltd. owned about 0.70% of Finish Line at the end of the most recent quarter. The specialty retailer reported ($0.26) earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of ($0.36) by $0.10. During the same quarter in the prior year, the business posted ($0.24) EPS. analysts expect that Finish Line will post 0.65 EPS for the current fiscal year. This represents a 28% premium to the stock's closing price on March 23, 2018. ING Groep NV increased its holdings in shares of Finish Line by 92.8% in the fourth quarter. Fox Run Management L.L.C. bought a new position in shares of Finish Line in the fourth quarter worth $293,000.
This provides an excellent strategic fit for Finish Line and JD. Finish Line Inc has a 12 month low of $6.90 and a 12 month high of $16.38. ING Groep NV now owns 3,760,000 shares of the specialty retailer's stock worth $54,633,000 after purchasing an additional 1,810,000 shares during the period.
One of the largest retailers of premium multi-branded athletic footwear, apparel and accessories in the USA looks set to be acquired by JD Sports in a deal worth nearly £400m. It is also the exclusive retailer of athletic shoes, both in-store and online, for Macy's. The Company offers athletic shoes, as well as an assortment of apparel and accessories of Nike, Brand Jordan, Adidas, Under Armour, Puma and other brands.
Families of the victims sued Remington, and while the suit was ultimately dismissed, multiple investors withdrew from the company. Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons.
A contrite Smith and Bancroft later addressed a press conference, admitting to ball-tampering and apologised for their actions. It is one of the worst ball tampering episodes and is regarded as shameful chapter in Australian cricket.
If you want to get into details, there is a more specific merchant cheat sheet that can help you get more important locations. The notes for Sea of Thieves' first big update have been released, an update that's almost 20GB depending on the platform.
As part of the acquisition, Uber will take 27.5% stake in Grab and Uber CEO Dara Khosrowshahi will join Grab's board. As well as its ride-hailing services, the company has its own payment system called GrabPay, for example.
Most mock drafts have Porter projected to be picked in the top 10 of the draft, which will be held on June 21. Porter has the great blend of size and mobility that fits today's National Basketball Association .
Costello won his first two elections in 2014 and 2016 by comfortable margins, but his district is marginally Democratic on paper. Republicans have fought the decision and attempted to impeach state Supreme Court justices appointed by Democrats.
According to Epic Games' CEO and co-founder Tim Sweeney, cross-platform play across all platforms is in everyone's interest. After seemingly conquering the world, PUBG Corp. finds itself playing catch up with Epic Games in the battle royale genre.
Odinga came to the airport on Monday night to attempt to lobby for Miguna to be admitted to the country, Orengo said. It was unclear whether the dispute over Miguna would affect the reconciliation pact.
A court in Neumunster in the state of Schleswig-Holstein issued a detention order on Monday and Puigdemont remains in custody. The Spanish government confirmed on Sunday that former Catalan leader Carles Puigdemont has been detained in Germany .
China Opens Market of Oil Futures in Yuans
Over 21 million barrels of oil valued at $2.9 billion changed hands on the first trading day, according to Wind Information Co. At the end of afternoon session, Shanghai prices were up 3.34 percent at 430.2 yuan, with 40,656 lots traded.