PPR S.A. completes tender offer for Volcom

17 Jun '11

2 min read

PPR S.A. announced that it has completed the tender offer made by its wholly owned subsidiary to purchase all outstanding common shares of Volcom, Inc for $24.50 per share in cash. The offer expired at 5:30 p.m., New York City time, on Thursday, June 16, 2011.

Based on preliminary information from Computershare Trust Company, N.A., the depositary for the offer, as of the expiration of the initial offering period of the tender offer, approximately 14,686,156 shares were validly tendered and not withdrawn in the tender offer, representing approximately 72.3% of Volcom's issued and outstanding shares, giving PPR control of Volcom.

In addition, the depositary has received commitments to tender approximately 4,714,540 shares in accordance with guaranteed delivery procedures, which, when combined with the shares tendered and not withdrawn from the tender offer, represent approximately 91.6% of Volcom's issued and outstanding shares. All validly tendered shares have been accepted for payment, which will be made in accordance with the terms of the tender offer.

PPR also announced that it, through its wholly owned subsidiary, has commenced a subsequent offering period to acquire the remaining shares of Volcom common stock, including those shares tendered pursuant to guaranteed delivery procedures. The subsequent offering period will expire at 5:30 p.m., New York City time, on Wednesday, June 22, 2011, unless extended. During this subsequent offering period, holders of shares of Volcom common stock who did not previously tender their shares into the tender offer may do so, and PPR will promptly purchase any shares properly tendered for the same consideration (without interest) paid in the initial offering period of the tender offer.

PPR S.A.

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