By Sabrina Escobar
Foot Locker stock surged in late trading Wednesday following a report that said the company was nearing a deal to be acquired by Dick's Sporting Goods for $2.3 billion.
Dick's is considering paying $24 per share for Foot Locker, The Wall Street Journal reported Wednesday, citing people familiar with the matter. That price represents a nearly 90% premium to Foot Locker's Wednesday closing price of $12.87.
Shares of Foot Locker were up 64% to $21.09 in after-hour trading. Dick's stock was down 3%.
Representatives for Foot Locker and Dick's did not immediately respond to Barron's request for comment.
The deal could be finalized as soon as Thursday, barring any last minute delays, according to the Journal.
Write to Sabrina Escobar at sabrina.escobar@barrons.com
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(END) Dow Jones Newswires
May 14, 2025 17:37 ET (21:37 GMT)
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