Dick’s Sporting Goods was nearing a deal to buy rival footwear retailer Foot Locker for about $2.3 billion, the Wall Street Journal reported Wednesday, citing people familiar with the matter.
The companies have discussed a deal at $24 per share for Foot Locker, the report said. That would represent an 86.5% premium to the stock’s last closing price.
Shares of Foot Locker surged 62% in extended trading, while Dick’s Sporting Goods was down about 5%.
The deal could be finalized as soon as Thursday, the report said.
The companies did not immediately respond to Reuters’ requests for comment.