Gart Sports Company and The Sports Authority, Inc. announced Thursday that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 with respect to their previously announced plan to merge the two companies expired at midnight on April 2, 2003. The expiration or termination of the Hart-Scott-Rodino waiting period is one of the conditions to closing contained in the merger agreement between the two companies.
As previously announced, on February 19, 2003, Gart and The Sports Authority signed a definitive merger agreement providing for a merger of equals. Under the terms of the agreement, The Sports Authority stockholders will receive 0.37 of a share of Gart common stock for each share of The Sports Authority common stock they own. Gart intends to file promptly a joint proxy statement/prospectus with respect to the proposed merger with the Securities and Exchange Commission.
The merger is subject to customary closing conditions, including approval by the stockholders of Gart and The Sports Authority. The companies currently anticipate that the merger will close late in the second or early third calendar quarter of 2003.
Banc of America Securities acted as financial advisor and Clifford Chance US LLP acted as legal counsel to Gart. Credit Suisse First Boston acted as financial advisor and Morgan, Lewis & Bockius, LLP acted as legal counsel to The Sports Authority.