GGXY Golf Galaxy (MM)

PITTSBURGH, Dec. 22 /PRNewswire-FirstCall/ -- Dick's Sporting Goods, Inc. (NYSE:DKS) announced today that it has received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act in connection with the company's pending acquisition of Golf Galaxy, Inc. (NASDAQ:GGXY). As previously reported, Dick's and Golf Galaxy have entered into a definitive agreement and plan of merger. Under the terms of the agreement, each outstanding share of Golf Galaxy common stock will be converted into the right to receive $18.82 per share in cash, without interest. Golf Galaxy currently operates 65 stores in 24 states, ecommerce websites and catalog operations, and generated $264 million in sales during the last 12 months ended November 25, 2006. The transaction remains subject to approval of Golf Galaxy shareholders as well as the satisfaction of other customary closing conditions. The merger transaction is anticipated to be completed not before February 6, 2007. About Dick's Sporting Goods, Inc. Pittsburgh-based Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel, and footwear in a specialty store environment. As of October 28, 2006, the Company operated 294 stores in 34 states primarily throughout the Eastern half of the U.S. Dick's Sporting Goods, Inc. news releases are available at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the bottom of the home page). Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "guidance," "estimate," "intend," "predict," and "continue" or similar words. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks and uncertainties are more fully described in the Company's Annual Report on Form 10-K for the year ended January 28, 2006 as filed with the Securities and Exchange Commission on March 23, 2006 and those references herein to our planned merger with Golf Galaxy. The Company disclaims any obligation and does not intend to update any forward-looking statements except as may be required by the securities laws. Additional Information and Where to Find It The transaction described herein has not yet occurred, and this filing is not a solicitation. In connection with the proposed merger, Golf Galaxy has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission. Golf Galaxy shareholders are strongly advised to read the proxy statement, because it contains important information that Golf Galaxy shareholders should consider prior to attending the special shareholders meeting to vote on the merger. These documents will be available free of charge on the SEC's web site, http://www.sec.gov/. Contact: Dick's Sporting Goods, Inc. Michael F. Hines, EVP - Chief Financial Officer or Dennis Magulick, Director, Investor Relations 724-273-3400 DATASOURCE: Dick's Sporting Goods, Inc. CONTACT: Michael F. Hines, EVP - Chief Financial Officer, or Dennis Magulick, Director, Investor Relations, of Dick's Sporting Goods, Inc., +1-724-273-3400, or Web site: http://www.dickssportinggoods.com/

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