Dick's Sporting Goods, Inc. has completed its acquisition of Golf Galaxy, Inc. As previously reported, Dick's and Golf Galaxy entered into a definitive agreement and plan of merger. Under the terms of the agreement, each outstanding share of Golf Galaxy common stock has been converted into the right to receive $18.82 per share in cash, without interest.
“Golf Galaxy is a rapidly growing, profitable company which we believe is the best in the specialty golf category. The passion with which Dick's Sporting Goods and Golf Galaxy associates serve the enthusiast golfer make this transaction a big win for shareholders and golf enthusiasts alike,” said Edward W. Stack, Chairman and CEO of Dick's Sporting Goods. “On behalf of all the associates at Dick's, I would like to welcome Randy Zanatta and the entire Golf Galaxy team.”
“We are excited to have completed this transaction, which represents an extraordinary opportunity for both Golf Galaxy and Dick's Sporting Goods. By joining forces with Dick's Sporting Goods, who we deem to be the best full- line sporting goods retailer in the industry, we believe we can strengthen our position as the best golf specialty retailer in the business,” added Randy Zanatta, Golf Galaxy's president and chief executive officer.
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.
