Senator Warren Flags Anti-Trust Risk In Dick’s Sporting Goods $2.4B Bid For Foot Locker
Synopsis
Senator Elizabeth Warren has reportedly asked the DOJ and the FTC to “closely scrutinize” the transaction and “block the deal” if it’s found to violate antitrust law.
Senator Elizabeth Warren is reportedly urging the Federal Trade Commission (FTC) and the Department of Justice (DOJ) to scrutinize and potentially block the proposed acquisition of Foot Locker Inc. (FL) by Dick’s Sporting Goods Inc. (DKS), citing antitrust concerns.
In a letter sent Tuesday evening, cited by CNBC, Warren said the $2.4 billion merger could lead to higher prices, job losses, and reduced competition. It warned that the deal could create a “duopoly” in the athletic footwear market, with the merged entity and JD Sports (JDSPY) dominating the space.
Warren, a Democrat from Massachusetts, asked regulators to “closely scrutinize” the transaction and “block the deal” if it’s found to violate antitrust law.
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