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Japanese footwear retailer ABC-Mart to acquire LaCrosse
Jul '12
ABC-MART INC. Japan’s leading retailer of athletic, business and casual footwear, announced today that it has entered into a definitive agreement with LaCrosse Footwear, Inc., a leading provider of premium, branded footwear for work and outdoor users, pursuant to which ABC-MART will acquire all outstanding shares of LaCrosse Footwear stock for $20 per share in cash, or approximately $138 million.

The purchase price represents a premium of 82% over LaCrosse Footwear’s average closing stock price over the last 30 days ended July 5, 2012, and an 82% premium over the closing price on July 5, 2012. Under the agreement, ABC-MART will commence a tender offer to purchase all of the outstanding shares of LaCrosse Footwear. The transaction is expected to close in the third calendar quarter of 2012.

“We are very pleased to join with LaCrosse Footwear, which further positions the company and its strong brands for long-term growth worldwide,” said Minoru Noguchi, President of ABC-MART.

“We associate significant value with the LaCrosse and Danner brands, as well as with the company’s outstanding channel partners and proven commitment to operational excellence. We look forward to working with LaCrosse Footwear management and building on the company’s reputation and commitment to outstanding quality, performance and innovation to foster long-term growth and success.”

“This transaction will bring together the complementary strengths of ABC-MART’s extensive knowledge in the footwear retail industry with LaCrosse Footwear’s high quality footwear manufacturing craftsmanship,” said Mr. Noguchi.

“In particular, the combined entity will be well-positioned to strengthen LaCrosse Footwear’s lifestyle and casual footwear business, by jointly developing and producing footwear with competitive quality, pricing, and design, and drive the geographic expansion of LaCrosse and Danner branded footwear, particularly in Japan, South Korea, Taiwan, Hong Kong, and the rest of Asia, as well as in Europe.”

LaCrosse Footwear is a proven leader in innovative, quality and performance-based footwear. Leveraging the rich history and strength of the LaCrosse and Danner brands, the company is well established in multiple distribution channels.

Its iconic brands are well known in the work and outdoor markets with premium products designed to keep people on the move in hunt, work, uniform, military and outdoor recreation activities. In recent seasons, the company has expanded into new casual lines inspired by the brands’ heritage and authenticity in its core markets.

“ABC-MART has been a valued customer of our iconic American-made products for many years. It recognizes the value of our authentic, premium brands and sees the opportunity for our continued growth and success in partnership with ABC-MART.

“We are very pleased to recommend this transaction to LaCrosse Footwear shareholders as the next chapter in our company’s rich history,” said Richard Rosenthal, Chairman of the LaCrosse Footwear Board of Directors.

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