Footwear retailers shares are skyrocketing on a new report that a British retailer may be in talks to acquire Finish Line Inc (NYSE:FINL).
Shares of the footwear retailer moved up 12 percent in 10 minutes on Thursday afternoon.
According to the New York Post, British-based Sports Direct, who owns iconic brands Everlast and Kangol, is in direct negotiations to buy Finish Line.
An acquisition could be announced in the coming weeks, according to a source close to the situation.
Sports Direct already owns an 8 percent stake in Finish Line.
Finish line experienced a roller coaster trading day, with shares now up nearly 4 percent following the news. Competitor Foot Locker, Inc. (NYSE:FL) also saw a sharp spike in share price after the report was released.
A Susquehanna analyst is predicting a $13.30 share takeover price, but if the deal does not go through, expects shares to drop to $8 levels.
Finish Line is also boosting its e-commerce efforts, particularly in mobile, where over 70 percent of its digitial traffic has switched over. Finish Line CEO Sam Sato says the company will invest $15 million to upgrade its speed in mobile.
Related Links:
Finish Line Downgraded Ahead Of Earnings
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