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WOOLWORTH'S ACQUISITION OF TSA TAKES HIT ON WALL STREET
Published May 11, 1998
Woolworth Corp. "struck out on Wall Street" with its agreement to buy The Sports Authority (TSA), according to a Reuters report in the BOSTON GLOBE. Stocks of both companies "were battered" Friday as both were among the "leading percentage losers" and the most active issues on the NYSE. TSA lost 1 13/16 to finish at 15 15/16 on Friday, while Woolworth fell 1 7/16 to 20 3/4, dropping the value of the stock deal to $523M from the original $570M. Most of the attention was focused on the "negative short-term results" from the deal (BOSTON GLOBE, 5/9).