Hibbett shareholders approve the sale to JD Sports

Hibbett (NASDAQ:HIBB) confirmed on Monday that shareholders approved the merger transaction with JD Sports Fashion (OTCPK:JDSPY).

The U.K. sportswear retailer proposed to buy all outstanding shares of Birmingham, Alabama-based Hibbett (HIBB) for $87.50 per share in cash, which represented a 21% premium to the U.S. firm’s closing price on April 22 when the offer was made public. Hibbett's (HIBB) board of directors unanimously approved the transaction, which is expected to close in the second half of 2024. The closing is subject to the receipt of required regulatory approvals.

Upon closing, Hibbett (HIBB) will cease to be a publicly traded company, but will maintain its corporate headquarters in Birmingham. The business will continue to be led by current president and CEO Mike Longo, and Jared Briskin will take on the role of chief operating officer of Hibbett.

Shares of Hibbett (HIBB) traded at $87.49 in the premarket session on Monday, just a penny short of the deal price.