Shares Finish Line (FINL) closed nearly 4% higher on Thursday, and were climbing after-hours after the New York Post reported the struggling sneaker retailer is nearing an agreement to sell itself to British-based Sports Direct.
Sports Direct, the UK's largest sports-goods retailer, is said to be in direct negotiations with Finish Line and the deal could be announced in the coming weeks.
"It's all moving forward," the source told The Post, and said that Finish Line's board adopted a "poison pill" plan last month as a bargaining tactic rather than a move to advert a merger.
Sports Direct already owns a significant stake in Finish Line, with about an 8% stake, per the report.
Shares of Finish Line have sunk over 37% year-to-date.
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