"We are happy to announce that we will match [the Grizzlies'] offer sheet," said Hawks general manager Rick Sund. "Ownership, management and the team are happy to have Josh return as a member of the Hawks." (Source)Smart move by the Hawks. With Smith, Mike Bibby, Al Horford and Joe Johnson, the team still has a shot at making the playoffs in the weaker-by-comparison East.
The quick move - matching the offer sheet within hours - also sends a message to the folks in Hot-lanta that the team is serious about winning. Had they waffled like Brett Favre on the decision, it would have looked bad.