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Bronte Capital Management Opposes Proposed Merger of Hibbett, Inc (HIBB) with JD Sports Fashion

Key Summary: Bronte Capital Management opposed the Company's proposed merger with JD Sports Fashion, citing its significant undervaluation of the Company.

Market Cap: $1 billion | Hibbett, Inc. and its subsidiaries operate in the retail sector, specializing in athletic-inspired fashion products across the United States.

On June 13, 2024, Bronte Capital Management (5.1%) opposed the Company's proposed merger with JD Sports Fashion plc, stating it significantly undervalued the Company. They believed the then-current offer, which valued the Company at about 10 times earnings, did not reflect the Company's historical growth or its projected future growth. As a result, Bronte Capital Management planned to vote against the JD Sports Merger and intended to initiate discussions with management, the Board of Directors, shareholders, and other stakeholders regarding their opposition to the merger. Source

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