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Volcom board recommends stockholders accept PPR's offer
12 May '11
1 min read
Volcom Inc announced that its Board of Directors unanimously recommends that Volcom's stockholders tender their shares to PPR S.A. (FR 0000121485, PRTP.PA, PPFP) at the previously announced price of $24.50 per share of Volcom's common stock.
On May 2, 2011, Volcom and PPR announced a definitive merger agreement, whereby PPR would acquire Volcom in a cash tender offer and subsequent merger for a total enterprise value of approximately $516.1 million. Following the transaction, Volcom will be a wholly owned subsidiary of PPR.
The transaction is expected to close during the third quarter of 2011 and is subject to various conditions, including the tender of at least a majority of the outstanding shares, calculated on a fully-diluted basis, of Volcom's common stock in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other applicable regulatory approvals.
Following completion of the tender offer, PPR will acquire all remaining shares of Volcom's common stock through a second step merger at the same price per share paid in the tender offer (without interest and subject to applicable withholding taxes).
On May 2, 2011, Volcom and PPR announced a definitive merger agreement, whereby PPR would acquire Volcom in a cash tender offer and subsequent merger for a total enterprise value of approximately $516.1 million. Following the transaction, Volcom will be a wholly owned subsidiary of PPR.
The transaction is expected to close during the third quarter of 2011 and is subject to various conditions, including the tender of at least a majority of the outstanding shares, calculated on a fully-diluted basis, of Volcom's common stock in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other applicable regulatory approvals.
Following completion of the tender offer, PPR will acquire all remaining shares of Volcom's common stock through a second step merger at the same price per share paid in the tender offer (without interest and subject to applicable withholding taxes).
Volcom Inc
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