Tags: Dick’s Sporting Goods Surges After Report of Buyout Discussions

Dick's Sporting Goods Surges After Report of Buyout Discussions

Wednesday, 07 Jan 2015 01:33 PM

Dick’s Sporting Goods Inc. shares jumped the most in four years on a report the retail chain is holding early-stage talks with buyout firms about a plan to go private.

The stock surged as much as 14 percent to $55.90 in New York for the biggest intraday gain since November 2010. Reuters reported today that the sporting-goods retailer is holding early-stage conversations with a “handful” of buyout firms. There is no formal sales process under way, the news service said, citing unidentified people familiar with the matter.

Dick’s was cited as one of Evercore ISI’s top retail buyout targets because of the company’s low debt levels, reasonable valuation and growth prospects. Chief Executive Officer Edward Stack also has been working to appeal to more female customers and capitalize on the trend of people wearing athletic clothing as streetwear.

Shares of Coraopolis, Pennsylvania-based company had fallen 15 percent last year, hurt by sluggish sales of golf and hunting gear. Dick’s didn’t immediately respond to a request for comment.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Headline
Dick’s Sporting Goods Surges After Report of Buyout Discussions
Dick’s Sporting Goods Surges After Report of Buyout Discussions
167
2015-33-07
Wednesday, 07 Jan 2015 01:33 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved