By Connor Hart
Shares of Foot Locker surged after The Wall Street Journal reported that Dick's Sporting Goods is nearing a $2.3 billion deal to buy the sneaker retailer.
Foot Locker's stock soared 70%, to $21.90, in after-hours trading. Through Wednesday's close, the stock has lost more than 40% of its value in the past year.
Meanwhile, shares of Dick's fell 5.8%, to $197.50, in postmarket trading. The stock has edged 4.2% higher in the past year, despite having fallen 13% in the past three months.
Dick's has discussed buying Foot Locker for $24 a share, the Journal said, citing people familiar with the matter. The purchase price represents a nearly 90% premium to Foot Locker's closing share price.
A deal could be finalized as soon as Thursday, barring any last-minute snags.
The deal follows the recent sneaker buyout of Skechers, which agreed to sell itself earlier this month for $9.4 billion to 3G Capital, a private-equity firm with a history in the consumer-goods sector.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
May 14, 2025 17:37 ET (21:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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