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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.