Invesco Asset Management is set to increase its stake in JJB Sports to almost 50%, Financial Times reports. JJB has received commitments from its four largest shareholders, which include U.S. fund, Harris Associates, Crystal Amber and the Bill & Melinda Gates Foundation, for a $106 million fundraising process.
As per the terms of the share placing and open offer, Invesco is seeking to subscribe almost $77 million. After the placing, which awaits shareholder approval, JJB’s top four shareholders will hold over an 84% stake in the company. Invesco first acquired its stake in JJB in February, when it participated in a $51.4 million fundraising.
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