Dick's Sporting Goods, Inc. has received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act in connection with the company's pending acquisition of Golf Galaxy, Inc.
As previously reported, Dick's and Golf Galaxy have entered into a definitive agreement and plan of merger. Under the terms of the agreement, each outstanding share of Golf Galaxy common stock will be converted into the right to receive $18.82 per share in cash, without interest.
Golf Galaxy currently operates 65 stores in 24 states, ecommerce websites and catalog operations, and generated $264 million in sales during the last 12 months ended November 25, 2006.
The transaction remains subject to approval of Golf Galaxy shareholders as well as the satisfaction of other customary closing conditions. The merger transaction is anticipated to be completed not before February 6, 2007.
