The shareholders of Foot Locker Inc. (NYSE: FL) have voted to approve Dick’s Sporting Goods Inc.’s offer to buy the company, according to an announcement by the New York-based shoe retailer.
The shareholder vote comes after Findlay-based Dick’s announced in May an agreement to buy Foot Locker, a move expected to enable the big-box retailer to add a mall store component to its larger holdings without any major changes.
According to Foot Locker’s announcement, a preliminary vote count totaled nearly 99% of votes cast in favor of the merger, representing about 70% of all the retailer’s outstanding shares.
The agreement gives shareholders the option to receive either $24.00 a share in cash or 0.1168 shares of Dick’s common stock for each share owned of Foot Locker.
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