Nike Inc, maker of athletic shoes and clothing, announced its plan to acquire Britain's Umbro for US582 million in October. The company expects to complete the takeover by 3 March 2008, subject to shareholder, regulatory and court approval.

An Umbro shareholder meeting and a court meeting will be held on 31 January 2008. A further court hearing to approve the deal has been set for 27 February 2008, while another court hearing to confirm the reduction of capital has been set for 29 February 2008.

Nike is expected to face resistance from two of Umbro's major shareholders and rivals, Sports Direct International (SPD.LN) and JJB Sports PLC (JJB.LN).

Umbro warned that revenue would be hit in the current financial year following England's poor performance.

Despite Umbro's revenue warning, a spokesman for Nike said the company continues to believe it has made a "compelling offer" for Umbro.