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Adrenalina proposes to acquire PacSun for $4.50 per share
21
Oct '08
Adrenalina, a retail entertainment destination designed for extreme sports enthusiasts, today announced that it has submitted a proposal to the Board of Directors of Pacific Sunwear of California to enter into negotiations that will lead to the acquisition of PacSun for a price of $4.50 per share, consisting of a combination of cash and Adrenalina common stock.

Adrenalina's acquisition proposal represents a premium of 24% above the closing price of PacSun common shares of $3.62 on October 17, 2008, and is subject to PacSun's Board and shareholders approval, execution of a definitive agreement, obtaining the requisite financing and certain other terms and conditions.

“Our offer of $4.50 per share represents a significant increase in value for PacSun stockholders. This action also represents our confidence that Adrenalina can reinvigorate PacSun, a powerful brand name whose underlying retail concept has grown stale, by applying our innovative approach of fusing an exceptional product mix to an exciting entertainment destination,” said Ilia Lekach, Chairman and CEO of Adrenalina.

“Not only does the proposed acquisition price represent a premium to the current price of PacSun's shares, but the cash/stock structure of the transaction would allow shareholders to participate in the future growth and performance of the re-energized combined company,” continued Mr. Lekach. “In addition, the business synergies from joining PacSun's substantial store footprint with Adrenalina's high-growth lifestyle retailing concept are compelling – especially in this challenging economic environment.”

Mr. Lekach added that PacSun CEO, Sally Frame Kasaks, repeatedly declined Adrenalina's prior attempts to enter into discussions, leading to the decision to take the proposal directly to the Board of Directors and PacSun stockholders.

Adrenalina pioneered and branded “The Extreme Store” concept, which showcases top-quality athletic apparel, equipment and accessories in a fun, engaging retail entertainment format. Building on the popularity of the Adrenalina TV program, Adrenalina stores feature the FlowRider wave machines for which it has exclusivity in retail locations.

Adrenalina

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