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Foot Locker , Inc. (NYSE:FL) announced that Dick’s Sporting Goods, Inc. (NYSE:DKS), the acquiring party in their planned merger, has voluntarily withdrawn its pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Improvements Act. The withdrawal, made Wednesday, is intended to provide the Federal Trade Commission with additional time to review the proposed transaction.
According to a statement released in the SEC filing, Dick’s Sporting Goods plans to resubmit its notification and report form on or about Friday, which will start a new 30-day waiting period as required by the HSR Act. The companies described the withdrawal and refiling as a standard procedure to allow for further antitrust review.
Foot Locker and Dick’s Sporting Goods stated that they continue to work with FTC staff and expect to complete the merger in the second half of 2025, pending regulatory approvals, shareholder approval of the merger agreement, and satisfaction or waiver of other customary closing conditions.
The proposed merger was first announced on May 15, 2025. Both companies have filed relevant registration statements and proxy materials with the Securities and Exchange Commission in connection with the transaction.
This article is based on a press release statement contained in a SEC filing.
In other recent news, Foot Locker has announced a significant agreement related to its proposed merger with a subsidiary of DICK’S Sporting Goods. This merger involves an exchange offer for outstanding Senior Notes, valued at up to $400 million, with new notes issued by DICK’S Sporting Goods. UBS has raised its price target for Foot Locker to $24, following this acquisition deal, which values the company at an enterprise value of $2.5 billion. Both companies’ boards have approved the transaction, expected to conclude in the second half of 2025.
Additionally, Williams Trading and Jefferies have both increased their price targets for Foot Locker to $24, reflecting confidence in the acquisition’s completion. Foot Locker’s recent first-quarter results met expectations but indicated weaker sales trends compared to the previous year. The company decided not to hold an earnings call following these results. Furthermore, Foot Locker shareholders have approved an amendment to the company’s Stock Incentive Plan during the 2025 Annual Meeting.
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