French PPR Group Buys American Skateboard Clothing Company
France
The group said in a statement that there were 14 million 680 thousand shares.
At the same time, PPR also received some "agreed commitments in accordance with the delivery guarantee procedure", which accounted for about 4 million 714 thousand shares, and the shares that had been involved in the acquisition accounted for about 91.6% of the capital.
PPR will launch a "new acquisition phase" to acquire the remaining common shares of Volcom on Friday, which will last until 17:30 on June 22, 2011 at New York local time. "Unless otherwise extended," the price will be the same as the open takeover.
The purchase price offered by PPR is 24.5 euros per share, which is a premium of 37% based on the average stock price of Volcom in the past three months. The parity has increased the market value of this US company to 516 million 100 thousand dollars, including debt.
Volcom is the brand of skateboards, skiing and skiing garments and accessories. The company is listed on NASDAQ and has entered 40 countries in the world. Its turnover in 2010 reached US $323 million and its profit was $22 million.
The acquisition led the PPR group of Fran ois-HenriPinault to build a "sports and lifestyle" business on the basis of Puma sporting goods company, echoing GUCCI's luxury business (BottegaVeneta, Yves Saint Laurent, Alexander McCune, Paris and Boucheron).
PPR has also been phasing out of the retail industry in transition. The group recently sold its Conforama furniture chain store, while Redcats (mail order) and Fnac (book and digital) chain store are waiting for the price to sell.
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