Dick's Sporting Goods Receives Early Termination of Hart-Scott-Rodino Act Waiting Period for Golf Galaxy
December 22 2006 - 3:10PM
PR Newswire (US)
PITTSBURGH, Dec. 22 /PRNewswire-FirstCall/ -- Dick's Sporting
Goods, Inc. (NYSE:DKS) announced today that it has received early
termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvement Act in connection with the company's pending
acquisition of Golf Galaxy, Inc. (NASDAQ:GGXY). As previously
reported, Dick's and Golf Galaxy have entered into a definitive
agreement and plan of merger. Under the terms of the agreement,
each outstanding share of Golf Galaxy common stock will be
converted into the right to receive $18.82 per share in cash,
without interest. Golf Galaxy currently operates 65 stores in 24
states, ecommerce websites and catalog operations, and generated
$264 million in sales during the last 12 months ended November 25,
2006. The transaction remains subject to approval of Golf Galaxy
shareholders as well as the satisfaction of other customary closing
conditions. The merger transaction is anticipated to be completed
not before February 6, 2007. About Dick's Sporting Goods, Inc.
Pittsburgh-based Dick's Sporting Goods, Inc. is an authentic
full-line sporting goods retailer offering a broad assortment of
brand name sporting goods equipment, apparel, and footwear in a
specialty store environment. As of October 28, 2006, the Company
operated 294 stores in 34 states primarily throughout the Eastern
half of the U.S. Dick's Sporting Goods, Inc. news releases are
available at http://www.dickssportinggoods.com/ (click on the
Investor Relations link at the bottom of the home page).
Forward-Looking Statements Involving Known and Unknown Risks and
Uncertainties Except for historical information contained herein,
the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
forward-looking words such as "may," "will," "expect,"
"anticipate," "believe," "guidance," "estimate," "intend,"
"predict," and "continue" or similar words. Forward-looking
statements involve known and unknown risks and uncertainties, which
may cause the Company's actual results in future periods to differ
materially from forecasted results. Those risks and uncertainties
are more fully described in the Company's Annual Report on Form
10-K for the year ended January 28, 2006 as filed with the
Securities and Exchange Commission on March 23, 2006 and those
references herein to our planned merger with Golf Galaxy. The
Company disclaims any obligation and does not intend to update any
forward-looking statements except as may be required by the
securities laws. Additional Information and Where to Find It The
transaction described herein has not yet occurred, and this filing
is not a solicitation. In connection with the proposed merger, Golf
Galaxy has filed a preliminary proxy statement with the U.S.
Securities and Exchange Commission. Golf Galaxy shareholders are
strongly advised to read the proxy statement, because it contains
important information that Golf Galaxy shareholders should consider
prior to attending the special shareholders meeting to vote on the
merger. These documents will be available free of charge on the
SEC's web site, http://www.sec.gov/. Contact: Dick's Sporting
Goods, Inc. Michael F. Hines, EVP - Chief Financial Officer or
Dennis Magulick, Director, Investor Relations 724-273-3400
DATASOURCE: Dick's Sporting Goods, Inc. CONTACT: Michael F. Hines,
EVP - Chief Financial Officer, or Dennis Magulick, Director,
Investor Relations, of Dick's Sporting Goods, Inc.,
+1-724-273-3400, or Web site: http://www.dickssportinggoods.com/
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