Foot Locker shares surge 85% after Dick's Sporting Goods agrees to buy rival for $2.4B
1. Dick's Sporting Goods will acquire Foot Locker for $2.4 billion. 2. Foot Locker's stock surged 85% after the acquisition announcement. 3. The deal represents an 86% premium compared to Foot Locker's last close. 4. Dick's aims to expand into malls and international markets through this acquisition. 5. Foot Locker has struggled against competitors like Nike and Under Armour.