Hibbett Stock Soars. JD Sports Fashion Is Buying the Retailer.
Shares of the athletic fashion retailer Hibbett are soaring in response to news that it will be acquired by JD Sports Fashion for about $1.1 billion. JD Sports will pay $87.50 per share in cash for Hibbett, representing a 21% premium to its closing price of $72.49 on Monday. Hibbett stock was up 19% to $86 in early trading Tuesday, while American depositary receipts for JD Sports fell 1% to $1.43.