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Diverging Reports Breakdown:
Original Coverage
Dick’s Sporting Goods is reportedly closing in on a deal to buy competitor Foot Locker for about $2.3 billion. The Wall Street Journal cited people familiar with the matter. The retailers discussed a deal at $24 per share, which would be an 86.5% premium to the company’s last closing price, the report said.Foot Locker announced its “Lace Up Plan” in 2024, which included new store formats, moving away from mall stores and going digital. Read full article
Dick’s Sporting Goods Nears Acquisition of Foot Locker
The companies have discussed a deal at $24 per share for Foot Locker, the report said. That would represent an 86.5% premium to the stock’s last closing price. The deal could be finalized as soon as Thursday. The companies did not immediately respond to Reuters’ requests for comment. The Wall Street Journal reported the deal was nearing a deal for about $2.3 billion. The report was based on people familiar with the matter who spoke to the newspaper. Read full article
Here’s what triggered a 70% surge in shares of this Footwear brand with an India connection
Foot Locker’s shares ended Wednesday’s regular trading session at $12.87, a drop of over 3%, giving it a market value of $1.2 billion. The Wall Street Journal report stated that the deal with Dick’s potentially values the company at $2.3 billion, a near 100% premium. Foot Locker currently has 2,400 stores, mostly made up of smaller locations globally, while Dick’s Sporting Goods has over 800 big box stores across US suburban areas. Both companies though, are dependent on sneakers for a bulk of their sales and are looking to boost their sales by renovating stores and enhancing their relationship with Nike. The company also has an India connection courtesy of its partnerships with listed entities like Metro Brands and FSN E-commerce Ventures, parent company of the beauty and fashion e-tailer Nykaa. The management said that they have three more stores lined up for launch, having launched the first one in October last year and also opening the largest Crocs store in Kochi. Read full article
Dick’s Sporting Goods is Nearing $2.3 Billion Deal for Foot Locker
Foot Locker shares closed at $12.87 on Wednesday, giving the company a market value of $1.22 billion. The stock surged more than 60 percent in extended trading in New York after The Wall Street Journal reported talks for what would be a $2.3 billion deal. A final agreement hasn’t been reached and details including the timing could still change, the people said. The company’s shares fell 6.2 percent at 6:25 p.m. in extended New York trading. The retailer forecasted lower-than-expected earnings for the year, citing weaker consumer demand and increased competition for budget-conscious shoppers, sending its stock down over 20 percent this year.“The comeback is not yet fully in play,” said Neil Saunders, managing director at GlobalData. “The sales growth has tapered off in the two most recent quarters,’’ he said of Foot Locker’s recent results. ‘If the purchase goes through, Dick’S would be inheriting a business that remains on the back foot,‘ Saunders said. � ‘It’ll be a very, very different company.’ Read full article
US Futures Edge Lower After Mixed Session
Foot Locker surged 69% after reports that Dick’s Sporting Goods is nearing a $2.3 billion acquisition deal. UnitedHealth plummeted 8% amid news that Japan’s central bank is investigating the insurer. The Dow dipped 0.21%, while the S&P 500 and Nasdaq Composite posted gains of 0.1% and 0.72%, respectively. Read full article
Report: Dick’s Sporting Goods Seeks Acquisition of Foot Locker
Dick’s Sporting Goods is reportedly close to reaching a deal to acquire Foot Locker for about $2.3 billion. The two companies have discussed a deal at that price, and they could finalize a deal as soon as Thursday (May 15), The Wall Street Journal reports. Dick’’s Sporting Goods’ shares are down 8% this year, while Foot Lockers’ are down 40%, according to the report. Neither company immediately replied to PYMNTS’ request for comment on the reported deal. The WSJ report says the companies have been impacted by talk of new U.S. tariffs, as well as other retailers. The report also says private equity firm 3G Capital agreed to buy sneaker brand Skechers for $9.4 billion earlier this month, the report says. The retailer also said it led a $120 million strategic investment in youth sports operator Unrivaled Sports through its corporate venture arm, DSG Ventures. Read full article
Global Perspectives Summary:
Global media portray this story through varied cultural, economic, and political filters. While some focus on geopolitical ramifications, others highlight local impacts and human stories. Some nations frame the story around diplomatic tensions and international relations, while others examine domestic implications, public sentiment, or humanitarian concerns. This diversity of coverage reflects how national perspectives, media freedom, and journalistic priorities influence what the public learns about global events.
How did your country report this? Share your view in the comments.
Sources:
- Original Article
- Dick’s Sporting Goods Nears Acquisition of Foot Locker
- Here’s what triggered a 70% surge in shares of this Footwear brand with an India connection
- Dick’s Sporting Goods is Nearing $2.3 Billion Deal for Foot Locker
- US Futures Edge Lower After Mixed Session
- Report: Dick’s Sporting Goods Seeks Acquisition of Foot Locker
Source: https://www.foxbusiness.com/retail/dicks-sporting-goods-nears-deal-acquire-foot-locker