Hibbett, Inc. has publicized a definitive agreement where JD Sports Fashion plc will acquire all remaining shares of Hibbett at $87.50 per share. This deal signifies an overall business value of around $1.1 billion.
Upon the deal's conclusion, Mike Longo will persist in his role as President and CEO, while Jared Briskin will assume the position of Chief Operating Officer. During this transaction, Hibbett has decided to halt any common stock dividend payments and the acquisition of shares under the current Stock Repurchase Program.
Hibbett operates as a sports fashion-oriented retailer with a stronghold of 1,169 stores, which as of February 3, 2024, are situated in 36 states across the United States – The prime retail segments being Hibbett and City Gear.
