Foot Locker shareholders can choose to get either $24 in cash or 0.1168 shares of Dick's Sporting Goods common stock for every share of Foot Locker common stock. Dick's will continue to operate Foot Locker as a standalone business and also maintain Foot Locker brands.

Foot Locker owns Kids Foot Locker, Champs Sports, WSS, and atmos, and has 2,400 stores in 20 countries, including North America, Europe, and Asia.

Dick's Sporting Goods was nearing a deal to buy rival footwear retailer Foot Locker for about $2.3 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The companies have discussed a deal at $24 per share for Foot Locker,