JD Sports shares climb after announcing deal to buy US rival for $1.1 billion
JD Sports Fashion was one of the top gainers in the FTSE, gaining 7% to 126.1p as investors sensed a win-win outcome following the acquisition of US rival Hibbett (HIBB:NASDAQ) for $1.1 billion (£899 million) in cash.
The proposed transaction values Hibbett at $87.5 per share, equating to a 21% premium to its closing price on Monday (22 April). In pre-market trading, Hibbett shares were trad...