French PPR Group Buys American Skateboard Clothing Company
The French PPR said on Friday that after the goodwill open takeover completed on Thursday evening, the group already owns Volcom72.3% shares and is confident that it will increase to 91.6%, hoping to eventually acquire the remaining shares of the US skateboard company.
The group said in a statement that a total of 14 million 680 thousand shares were acquired, accounting for 72.3% of the company's total shares, "which makes PPR the controlling shareholder of Volcom".
PPR also received some "agreed in accordance with the delivery guarantee procedure".
Purchase promise
"It accounts for about 4 million 714 thousand shares," and the shares that have been involved in the acquisition account for about 91.6% of the capital.
PPR will launch a "new acquisition phase" to acquire the remaining common shares of Volcom on Friday, which will last until 17:30 on June 22, 2011 at New York local time. "Unless otherwise extended," the price will be the same as the open takeover.
The purchase price offered by PPR is 24.5 euros per share, which is a premium of 37% based on the average stock price of Volcom in the past three months.
The parity has increased the market value of this US company to 516 million 100 thousand dollars, including debt.
Volcom is skateboard, surfing and
Ski wear
And accessories brand.
The company is listed on NASDAQ and has entered 40 countries in the world. Its turnover in 2010 reached US $323 million and its profit was $22 million.
The acquisition has led Franois-HenriPinault's PPR group to build "sports and lifestyle" business on Puma sports products company, and GUCCI's luxury business (BottegaVeneta, Yves Saint Laurent).
Alexander Mcqueen
Paris and Boucheron etc. echoed each other.
PPR has also been phasing out of the retail industry in pition. The group recently sold its Conforama furniture chain store, while Redcats (mail order) and Fnac (book and digital) chain store are waiting for the price to sell.
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