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View Full Version : OT - Dick's Acquires Galyans



Spicoli
06-21-2004, 05:22 PM
Not sure if this may really belong in the Pub, but I know a few folks will be interested in this (indygeezer). This will likely affect a lot of people in Indy as Galyan's is (was) headquartered in Indy.

Don't have a link, but this comes directly from the IBJ.

Dick's to acquire Galyan's for $362 million

Tammy Lieber
IBJ Reporter

Pittsburgh-based Dick's Sporting Goods Inc. today announced it has entered into an agreement to purchase Plainfield-based Galyan's Trading Co. Inc. for approximately $305 million in cash and $57 million in assumed debt.

Galyan's said holders of about 55 percent of its common shares have agreed to tender their stock in a tender offer set to begin June 28. Dick's will pay $16.75 percent in cash for each share, a 53 percent premium to Galyan's June 18 closing price. Galyan's shares traded at $11.10 before trading was halted this afternoon.

The combined company would operate out of Dick's Pennsylvania headquarters, the company said. Galyan's has 47 stores to Dick's 169. There was no immediate word on how many stores might be closed in markets where both companies operate.

indygeezer
06-21-2004, 05:25 PM
Oh goodie, now I won't feel guilty about shpping Gander Mountain instead.

Kegboy
06-21-2004, 05:26 PM
http://ir.thomsonfn.com/InvestorRelations/PubNewsStory.aspx?partner=5519&storyId=116114

Wow, goodbye to a major source of jobs. :(

Spicoli
06-21-2004, 05:28 PM
Likewise. :D


It'll be interesting to see how many local Galyan's stores close as a result of this. It'll be especially interesting in Castleton where both Dick's and Galyans have new or renovated facilities and good business, even though they're less than a mile apart.

Suaveness
06-21-2004, 05:29 PM
Well, there goes the competition. I was hoping people would lower prices because of this. Cause galyans was expensive for everything.

Roaming Gnome
06-21-2004, 05:32 PM
Wow, I know that Galyans took a bath financially on their new Corprate Headquarters in Plainfield, IN, But I didn't see that comming. I was one of the electricians that worked on this project and on the daily basis it was said that the job was late and grossly over-budget due to constant revisions on a poor design. The construction of that bldg. really hurt them. I just didn't see it happening that quickly.

birdman
06-21-2004, 05:34 PM
Likewise. :D


It'll be interesting to see how many local Galyan's stores close as a result of this. It'll be especially interesting in Castleton where both Dick's and Galyans have new or renovated facilities and good business, even though they're less than a mile apart.

Same thing in Greenwood. Both Dicks and Galyans are brand new and they are across the street from eachother.

TheSauceMaster
06-21-2004, 05:52 PM
Likewise. :D


It'll be interesting to see how many local Galyan's stores close as a result of this. It'll be especially interesting in Castleton where both Dick's and Galyans have new or renovated facilities and good business, even though they're less than a mile apart.

Same thing in Greenwood. Both Dicks and Galyans are brand new and they are across the street from eachother.

This is a pretty common bussiness practice to build close to the competition , there are alot of reason you build as close as you can to the competition. Just look around your town and compare how many stores who compete are within 1/2 mile or less with there competition.

Anyways I though Galyan's , was way to expensive anyways.

indygeezer
06-21-2004, 06:11 PM
Galyans had become really really customer service oriented tho. Did a fantastic job gettin Jr. and me into the proper shoes here while back. And we both have really bad feet.