I looked at some numbers and DKS is the big fish in the water of sporting goods and I do not think that buyout is possible. Now, would they consider Sport Chalet (SPCHB) with a $39m market cap....maybe. With only 1 store in Nevada and Utah, DKS can increase ski and ski supplies sales by looking into this company. It woudln't cost them much and may be the quick way to get into that market. They can however just expand in these two states to compete. Just my opinion...good things to come.
Grunt, TSA sold itself to a private equity outfit back in 2005/2006. It was saddled with management problems and financial issues from its spinoff from KMart. I recall the PE firm bought them for a relative song.
DKS is a whole different story, with strong management, rich stock valuation and growing market share. PE firms want bargains they can potentially flip for a profit by unlocking hidden value. I'd say DKS value is pretty well reflected in its PPS due to great execution.
BTW, the TSA website notes they have over 450 stores in 45 states.