Sports fashion retailer JD Sports is to purchase Footaslyum in a deal worth £90 million.
Footaslyum management has already approved the offer, but it still requires the approval of shareholders.
JD Sports had already purchased a near-19% stake in the retailer in February, and will now pay 82.3p per share. That is roughly 80% more than the share price at the time of the offer.
Footasylum's shares had more than halved after a poor summer trading period resulted in it issuing a profit warning in September.
JD Sports said the two would complement each other, with Footasylum's target market 16-24 year olds and JD's slightly younger.
The deal extends the retailer's history together. Footaslyum was created in 2005 by JD Sports co-founder David Makin. And three years later, it's other co-founder John Wardle joined as chief executive, where he remained for seven years before becoming executive chairman.