Yahoo Finance

Foot Locker stock skyrocketed Thursday after Dick’s Sporting Goods said it had agreed to buy the shoe retailer for about $2.4 billion. Dick’s said in a press release that it had entered a merger agreement to buy Foot Locker at $24 a share, representing a nearly 90% premium to Foot Locker’s stock price as of Wednesday’s closing bell. Foot Locker shareholders also can choose to receive 0.1168 a share of Dick’s common stock for each share of Foot Locker common stock in lieu of the $24.