Dick's Sporting Goods, Inc. ("Dick's Sporting Goods") (NYSE: DKS) and Foot Locker, Inc. ("Foot Locker") (NYSE: FL) have announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, signaling a significant step toward the completion of the acquisition of Foot Locker by Dick's Sporting Goods. The merger is expected to close on September 8, 2025, pending the satisfaction of customary closing conditions.
As part of this acquisition, Foot Locker shareholders have until 5:00 p.m. Eastern Time on August 29, 2025 to elect the form of consideration they wish to receive. They may choose to receive $24.00 in cash for each share of Foot Locker common stock held prior to the closing of the merger, or 0.1168 shares of Dick's Sporting Goods common stock.
It's important to note that Foot Locker shareholders who fail to make a proper election by the deadline will automatically receive cash consideration for their shares of Foot Locker common stock. Additionally, shareholders who would have received a fractional share of Dick's Sporting Goods common stock upon an election for stock consideration will receive cash in lieu of such fractional share.
As of the deadline for shareholders to make their election, it will be interesting to see the breakdown of how many shareholders opted for cash consideration versus stock consideration. This decision will be a critical factor in understanding the financial implications and the distribution of ownership following the merger.
The completion of this acquisition will mark a significant shift in the landscape of the sporting goods and apparel retail industry, and the market will likely closely watch and analyze the financial performance and strategic direction of the combined entity in the quarters following the merger's closure. As a result of these announcements, the company's shares have moved 0.09% on the market, and are now trading at a price of $227.84. For more information, read the company's full 8-K submission here.
