Hibbett Shares Rise Premarket on Takeover by JD Sports

Dow Jones04-23

By Colin Kellaher

Shares of Hibbett rose more than 15% in premarket trading Tuesday after the retailer of athletic footwear and apparel agreed to be acquired by the U.K.'s JD Sports Fashion for more than $1 billion.

JD is paying $87.50 a share in cash for Hibbett, a 21% premium to Monday's closing price of $72.49 for the Birmingham, Ala., company.

The deal is slated to close in the second half of the year.

Hibbett shares were recently up nearly 17% to $84.49 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 23, 2024 05:54 ET (09:54 GMT)

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