Foot Locker shareholders approve of Dick’s Sporting Goods takeover

The shareholders of Foot Locker have approved of the footwear retailer’s acquisition by Dick’s Sporting Goods for a proposed sum of 2.4 billion dollars.

Under the terms of the agreement, initially announced in May, shareholders can opt to receive either 24 dollars in cash or 0.1168 shares of Dick’s common stock for each share of Foot Locker common stock owned. The transaction is anticipated to close in the second half of 2025.

In a statement, Foot Locker chief executive officer, Mary Dillon, said the company was pleased with the results from the shareholder meeting.

Dillon added: “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 acquisition is still subject to the satisfaction or waiver of customary closing conditions, and could see opposition from market authorities in the US. One such pain point has been a possible challenge from US Senator Elizabeth Warren, who has urged the Federal Trade Commission (FTC) to scrutinise and potentially block the proposed acquisition on the grounds of unfair competition.

According to Warren, the deal, which would combine the US’ largest sporting goods retailer with one of the largest sports shoe retailers, would give the new entity control of more than 15 percent of the US sporting goods market. This could create a duopoly with JD Sports and result in a "significant scrutiny from antitrust agencies”.