Foot Locker shareholders approve acquisition by Dick’s Sporting

Foot Locker (FL) announced that its shareholders voted to approve its previously announced acquisition by Dick’s Sporting Goods (DKS) at the company’s special meeting of shareholders held earlier. Under the terms of the merger agreement announced on May 15, Foot Locker shareholders will elect to receive either (i) $24.00 in cash or (ii) 0.1168 shares of Dick’s common stock for each share of Foot Locker common stock owned. The election is not subject to a minimum or maximum amount of cash or stock consideration. Based on a preliminary vote count from today’s special meeting of shareholders, approximately 99% of votes cast were in favor of the merger agreement, representing approximately 70% of all outstanding shares. The transaction is expected to close in the second half of 2025, subject to the satisfaction or waiver of customary closing conditions, including the receipt of required regulatory approvals.