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JD Sports Buys Alabama-Based Hibbett for $1.08B, Expands in Southeastern US
Apr 23, 2024, 07:18 AM
JD Sports, a British sportswear and sneakers retailer, has agreed to purchase Alabama-based athletic-fashion retailer Hibbett for approximately $1.08 billion. The acquisition, priced at $87.50 per share in cash, represents a significant premium over Hibbett's early 2024 share price of around $72. This move is part of JD Sports' strategic expansion into the U.S. market, specifically targeting growth across the southeastern U.S. The deal has also led to an 18% surge in Hibbett's stock price. Hibbett is listed on the Nasdaq, and the acquisition has been positively received, with JD Sports shares rallying post-announcement. Additionally, unusual options activity was noted with significant buys of May 80 calls prior to the deal announcement.
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