PPR S.A. extends cash tender offer for Volcom Inc

08 Jun '11

2 min read

PPR S.A. announced that its previously announced tender offer to acquire all the outstanding shares of common stock of Volcom Inc for $24.50 per share in cash has been extended to allow additional time to obtain necessary foreign antitrust approvals and will now expire at 5:30 p.m., New York City time, on Thursday, June 16, 2011, unless further extended. All other terms and conditions of the offer remain unchanged.

The transaction is subject to the satisfaction of customary closing conditions, including receipt of the remaining applicable regulatory approvals.

As previously announced on May 24, 2011, the parties received notification of early termination of the waiting period under the Hart-Scott-Rodino Act. As of 4:00 p.m., New York City time, on June 7, 2011, a total of approximately 8,868,132 shares of Volcom common stock (including 4,014,184 shares tendered through notices of guaranteed delivery) had validly been tendered into and not withdrawn from the offer.

PPR nurtures a group of high-growth global brands distributed in more than 120 countries. Through its Consumer and Luxury brands, PPR generated revenue of €14.6 billion in 2010, and had approximately 60,000 employees at December 31, 2010.

Volcom is an innovative designer, marketer and distributor of premium quality young mens and womens clothing, accessories and related products. The Volcom brand, symbolized by The Stone, is athlete-driven, creative and forward thinking.

PPR S.A.

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