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PacSun and Adrenalina held talks this week over the small retailer's repeated attempts to takeover the industry's largest retail account.
By all accounts, Adrenalina has agreed to drop its bid to seat four members on PacSun's board of directors.The wave pool inside an Adrenalina store.
Adrenalina has previously offered to buy PacSun for $4.50 a share, and then upped the offer to $5 a share. PacSun had rebuffed all of Adrenalina's advances.
Here's PacSun's announcement:
Pacific Sunwear of California, Inc. today announced that Adrenalina has ended its proxy contest by withdrawing its nominations of director candidates for election to Pacific Sunwear's Board of Directors. Adrenalina had previously notified the Company of its intention to nominate four candidates for election to the Pacific Sunwear Board at the Company's 2009 Annual Meeting.
Adrenalina's withdrawal of its nominations follows a meeting earlier this week between several of Pacific Sunwear's independent directors and Ilia Lekach, Adrenalina's Chairman and Chief Executive Officer.
Pacific Sunwear's Lead Independent Director Peter Starrett said: "We appreciated the opportunity to have an open and frank discussion with Mr. Lekach, and to hear his ideas and suggestions. We are pleased that Adrenalina has determined not to pursue a proxy contest, so that the Company can devote all of its resources and attention to the important task of operating its business.'
Mr. Lekach added: ``I also appreciated the opportunity to meet with Mr. Starrett and several of his fellow independent directors, and to communicate my ideas for strengthening Pacific Sunwear's business.'