Dick’s Sporting Goods reported preliminary results of shareholder elections supporting its merger with Foot Locker, showing the overwhelming majority of Foot Locker shareholders, about 92.6 percent, opted for stock consideration as part of Dick’s pending merger, while 1.2 percent chose cash.
The remaining approximately 6.2 percent of the outstanding shares of Foot Locker did not make a valid election or did not deliver a valid election form before the election deadline, which includes approximately 4.5 percent of the outstanding shares of Foot Locker owned by Dick’s Sporting Goods.
Under the terms of the merger agreement, announced on May 15, Foot Locker shareholders could elect to receive either $24.00 in cash or 0.1168 shares of Dick’s common stock for each share of Foot Locker common stock owned. The deadline to make such an election was 5:00 p.m. EST on August 29.
The results are preliminary. The final certified results of the election are not expected to be available until shortly before the merger closes on September 8, subject to the satisfaction of remaining customary closing conditions.
Image courtesy Dick’s Sporting Goods
