Overview

• The Wall Street Journal reports that Dick's Sporting Goods is in advanced talks to acquire Foot Locker for approximately $2.3 billion.
• The proposed deal would value Foot Locker at $24 per share, representing an 86% premium over its most recent closing price.
• Foot Locker's stock has surged more than 60% following the report, while Dick's shares have declined in after-hours trading.
• The acquisition discussions come after a challenging period for Foot Locker, whose stock has fallen 40% year-to-date due to declining sales and consumer pressures.
• Both companies are set to release quarterly earnings later this month, with Foot Locker scheduled for May 29 and Dick's on May 28.