Dick’s Sporting Goods, Inc. ("Dick’s") and Foot Locker, Inc. ("Foot Locker") have jointly announced the preliminary results of the elections made by Foot Locker shareholders regarding the form of consideration they wish to receive in exchange for their shares of Foot Locker common stock in connection with the previously announced acquisition of Foot Locker by Dick’s.
As of the election deadline, the preliminary results of the election were as follows: Approximately 92.6% of the outstanding shares of Foot Locker common stock elected to receive the stock consideration. Approximately 1.2% of the outstanding shares of Foot Locker common stock elected to receive the cash consideration. * Approximately 6.2% of the outstanding shares of Foot Locker common stock did not make a valid election or did not deliver a valid election form prior to the election deadline.
It is noteworthy that the above results are preliminary, and final certified results of the election are not expected to be available until shortly before the closing of the merger, which is expected to occur on September 8, 2025, subject to the satisfaction of remaining customary closing conditions.
These preliminary election results provide insights into the preferences of Foot Locker shareholders and indicate a strong inclination towards the stock consideration. The final certified results are anticipated to shed more light on the shareholder sentiment and the overall picture of the merger consideration.
As the merger progresses towards its closing, investors and market participants will be keenly observing the final results and the subsequent impact on the companies involved. The market has reacted to these announcements by moving the company's shares -1.23% to a price of $210.18. Check out the company's full 8-K submission here.
