Stride Rite completes acquisition of Saucony
29/09/2005
The Stride Rite Corporation recently completed the acquisition of Saucony, Inc., a manufacturer of performance running shoes, for a total purchase price of approximately $170 million in cash.
Under the terms of a definitive agreement announced onJune 2, 2005 , and approved by Saucony shareholders, each Saucony Class A and Class B share will be converted into the right to receive $23.00 in cash without interest. The acquisition is being financed with cash on hand and borrowings under a new $200 million revolving credit facility. The total purchase price is based on the current number of shares of Saucony's common stock outstanding and net option value.
Under the terms of a definitive agreement announced on
Saucony brings to Stride Rite a business with 2004 revenues of approximately $167 million in performance athletic footwear, apparel and accessories under the Saucony, Saucony Originals, Hind and Spot-bilt brands.
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