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JJB buys 10% stake in bid target Umbro

JJB Sports has bought a 10.12% stake in replica football shirt business Umbro following a potential takeover bid for the brand.

Umbro said on Wednesday that it had received an approach from an unnamed suitor, which is believed to be sportswear giant Nike.

JJB Sports bought 14,779,712 ordinary shares in Umbro today, giving it a 10.12% stake. It is understood that the retailer is keen to protect its interest in the replica football kit business.

Rival Sports Direct, initially rumoured to be a potential bidder, is understood to have a stake of more than 15% in Umbro.

Earlier in the week, Umbro said it had received an approach which “may or may not lead to an offer being made for the entire issued share capital of Umbro”.

It is understood that sportswear giant Nike is drawing up a 153p bid for Umbro which could see the UK brand valued at £220 million.

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