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(RTTNews) - Hibbett, Inc. (HIBB) announced a definitive agreement in which JD Sports Fashion plc (JD.L) will acquire all outstanding shares of Hibbett for $87.50 per share in cash, representing an aggregate enterprise value of approximately $1.1 billion.

Following the closing, Mike Longo will continue to serve as President and CEO and Jared Briskin will take on the role of Chief Operating Officer of Hibbett. Hibbett has agreed to suspend the payment of dividends on its common stock, as well as the purchase of shares under existing Stock Repurchase Program, through the closing.

Hibbett is a sports fashion-inspired retailer with 1,169 stores, as of 3 February 2024, located in communities in 36 states across the US. Its main retail fascias are Hibbett and City Gear.

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