Dick's Sporting Goods defends Foot Locker acquisition amid stock drop, citing global expansion and cost-saving potential in strong earnings call.

Foot Locker (FL) shares opened a staggering 85% up today after Dick’s Sport Goods Inc (DKS) confirmed plans of acquiring the troubled footwear retailer for $2.4 billion. Dick’s buyout proposal that values FL shares at $24 is “the best path for our shareholders,

Dick’s Sporting Goods Inc. shares rose after its chairman pushed back on criticism of its pending acquisition of struggling footwear chain Foot Locker Inc.