The Sports Authority, Inc. announced that its acquisition by an investor group led by Leonard Green & Partners, L.P. was approved today at a special meeting of stockholders. The acquisition is expected to be completed within the next few days.
Sports Authority said that, based upon the preliminary tally of shares voted, approximately 21.5 million shares were voted at the special meeting, representing approximately 81% of Sports Authority's total outstanding shares. Of those shares voting at the special meeting, approximately 21.3 million shares voted in favor of the merger, representing approximately 80% million of Sports Authority's total outstanding shares.
Under the terms of the merger agreement, Sports Authority stockholders will receive $37.25 in cash for each share of Sports Authority common stock held.
