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Gart Sports, Sports Authority Merger Gets Antitrust Okay
ENGLEWOOD, Colo. (Dow Jones)--Gart Sports Co. and Sports Authority Inc. (NYSE:TSA - News; TSA) received antitrust clearance for their proposed merger.On Feb. 20, Gart and Sports Authority signed a definitive agreement to merge into a $2.5 billion sporting goods retailer, with ownership split equally between the companies' shareholders.

Each Sports Authority share will be converted into 0.37 Gart sharesIn a press release Thursday, Gart and Sports Authority said the deal, subject to shareholder approval from both companies, is scheduled to close late in the second quarter or early in the third quarter.

Gart sought to acquire 70% of Sports Authority of Florida in 1998, but was rejected.

Nasdaq shares of Gart, which has 180 stores in 25 states, closed Wednesday at $20.39, up 93 cents, or 4.8%.

New York Stock Exchange (News - Websites) of Sports Authority, which has 205 stores in 33 states, closed Wednesday at $7.59, up 46 cents, or 6.5%