Dick's Sporting Goods to acquire Foot Locker for $2.4 billion in effort to corner Nike market
Dick's Sporting Goods said Thursday it plans to acquire rival Foot Locker as it looks to expand its international presence, win over a new set of consumers and corner the Nike sneaker market. Under the terms of the agreement, Dick's will use a combination of cash-on-hand and new debt to acquire Foot Locker for 24 in cash – a roughly 66% premium of Foot Locker's average share price over the last 60-days – or 0.1168 shares of Dick's stock. Foot Locker ...