Skynisher
Hibit (NASDAQ: HIBB) confirmed on Monday that shareholders have approved the merger deal with JD Sports Fashion (OTCPK: JDSPY).
The UK sportswear retailer has proposed to buy all outstanding shares of Birmingham, Alabama-based Hibbett (HIBB) for $87.50 per share in cash, representing a 21% premium. To the US company’s closing price on April 22 when the offer was announced.HipThe Board of Directors unanimously approved the transaction, which is expected to close in the second half of 2024. Closing is subject to the receipt of required regulatory approvals.
Upon closing, Hibbett (HIBB) will cease to be a public company, but will retain its headquarters in Birmingham. Current CEO Mike Longo will continue to lead the company, and Jared Briskin will serve as Hibbett’s chief operating officer.
Hibbett (HIBB) shares were trading at $87.49 in pre-market trading on Monday, just a penny below the deal price.
