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Athletic brand Saucony extends Stride Rite's portfolio of nationally recognized footwear brand

Jun '05
Leading brand non-athletic children's shoes brand The Stride Rite Corporation has entered into a definitive agreement to acquire Peabody, Massachusetts-based Saucony Inc a leader in performance running shoes.

$167mn athletic brand extends Stride Rite's portfolio of nationally recognized footwear brands.

With approximately $167 million in global sales in 2004, Saucony will significantly extend the range of Stride Rite's nationally recognized footwear brands. Under the terms of the agreement, approved unanimously by the Boards of both companies, Saucony shareholders will receive $23.00 in cash for each Saucony share. The transaction value is approximately $170 million based on the current number of shares of Saucony's common stock outstanding and net option value. Existing cash at Saucony brings the net transaction value to approximately $140 million.

"They are delighted to add Saucony to our portfolio of nationally recognized brands in a transaction we expect to be accretive in 2006 and beyond," said David M. Chamberlain, Stride Rite's chairman and chief executive officer. "Saucony is a well-known technical brand with loyal customers and solid growth prospects. This transaction combines two leading footwear companies with strong balance sheets and cash flows, similar corporate cultures, and shared roots in the greater Boston area dating back to the early 1900s."

Chamberlain continued, "Saucony is an ideal brand for take-down sales to the children's market, where performance footwear constitutes approximately 50% of total sales for children ages nine and under. Acquiring Saucony will provide an entree for Stride Rite in the growing athletic specialty and sporting goods channels, adding greater channel balance to Stride Rite's sales.

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