See below for SGB Media coverage of the confirmed Dick’s SG/Foot Locker merger deal:
EXEC: Dick’s SG and Foot Locker Confirm $2.4 Billion Merger Deal
SGB Prior Reporting:
The Wall Street Journal (WSJ, Journal) reported Wednesday evening, May 14, that Dick’s Sporting Goods (DKS) was nearing a deal to buy Foot Locker (FL) for roughly $2.3 billion, according to those familiar with the matter.
The Journal report suggests that the parties could finalize a deal as soon as Thursday, May 15, barring last-minute issues. That deal is now confirmed.
The two companies have reportedly discussed a deal at $24 per share for Foot Locker, which would be a nearly 90 percent premium to Foot Locker’s current price.
Foot Locker shares closed at $12.87 on Wednesday, May 14, but surged over two-thirds in after-hours trading.
Dick’s shares are down 8 percent this year, and DKS shares were down another 7 percent in after hours trading.
Image courtesy Dicks Sporting Goods
