Foot Locker shareholders have overwhelmingly approved the company’s acquisition by Dick’s Sporting Goods, Inc., marking a pivotal move in the U.S. sportswear and sneaker industry. The approval given at a special shareholder meeting on Friday, August 22, follows the merger agreement announced on May 15, 2025, and positions both companies for enhanced omnichannel synergy, brand partnerships, and consumer innovation.
Flexible Transaction Structure for Shareholders
Under the terms of the merger agreement, Foot Locker investors were able to choose to receive:
- $24.00 in cash per share or
- 0.1168 shares of Dick’s Sporting Goods common stock for each share of Foot Locker common stock held.
Significantly, there are no minimum or maximum limits on the total amount of cash or stock distributed in this transaction, creating flexibility and choice for holders of Foot Locker shares.
Leadership: Vision and Strategic Rationale
Mary Dillon, CEO of Foot Locker, commented on the vote result:
“We are pleased with the results from our special meeting earlier today and thank our shareholders for their support as Foot Locker embarks on this exciting new chapter. We are now one step closer to joining forces with Dick’s and even better positioning the business to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry. We look forward to continuing to work closely with Dick’s to complete this transaction and unlock its significant value creation potential.”
The combined company intends to leverage Foot Locker’s specialist appeal, built around sneaker culture and urban fashion, with Dick’s Sporting Goods’ leadership in athletic and outdoor equipment, expanding digital presence and in-store experiences for shoppers nationwide.
Shareholder Endorsement: Near-Unanimous
Based on preliminary tabulations, around 99% of all votes cast supported the merger, representing about 70% of all outstanding shares. This strong endorsement underscores investor belief in the deal’s potential to boost market position, customer experience, and long-term value.
The final shareholder vote will appear in a certified report in Foot Locker’s forthcoming SEC Form 8-K filing, once confirmed by the independent inspector of elections. The transaction closing is anticipated in the second half of 2025, subject to remaining customary closing conditions, including required regulatory approvals.
Market Impact and Strategic Benefits
Upon closing, this merger will create a formidable combined entity with reach across the full arc of athletic, fitness, sneaker, and outdoor retail. Together, Dick’s and Foot Locker will:
- Deliver broadened omnichannel experiences
- Invest in digital, logistics, and supply chain integration
- Pursue exclusive partnerships and accelerated product innovation
- Expand consumer choices across brands and categories
This union is widely seen as a strategic response to the increasingly competitive athletic retail landscape, addressing threats from pure-play e-commerce, direct-to-consumer brands (like Nike), and shifting consumer habits.
What to Expect Next
Both companies are working closely to fulfill remaining conditions and complete the merger. Updates will be provided through Foot Locker Investor Relations, Dick’s Corporate News, and filings with the U.S. Securities and Exchange Commission.
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