footasylum

The Competition and Markets Authority said Britain's biggest sportswear retailer had failed to address initial concerns that the acquisition could be bad for shoppers.

The sports retailer, which raised its stake in Footasylum to over 18 percent last month, has agreed to buy the smaller rival in a deal valued at up to £90.1 million.

Shares rose 58.6 percent after British retailer JD Sports said it had acquired an 8.3 percent stake.

Shares plunged to a record low after the company said its full-year core earnings would come in at the lower end of analysts' estimates.