Sponsors
Billabong ▲ +0.015 | PPR ▲ +0.95 | American Apparel ▼ -0.05 | The Buckle ▲ +0.55 | Columbia ▼ -0.14 | Deckers Outdoor ▼ -1.51 | Dicks ▲ +0.14 | Foot Locker ▲ +0.79 | Genesco ▲ +1.31 | Iconix Brand Group ▼ -0.07 | Jarden Corp ▲ +0.80 | Nordstrom ▲ +0.45 | Luxottica ▲ +0.71 | Nike ▼ -0.53 | Pacific Sunwear ▲ +0.11 | Skullcandy ▼ -0.02 | Sport Chalet - 0 | Urban Outfitters ▲ +0.06 | VF Corp ▼ 0.00 | Quiksilver ▼ -0.10 | Zumiez ▲ +0.65 | Macys ▲ +0.24 | Tillys ▲ +0.07 |
Ticker Sponsor
Readers Say
Since the inception of Executive Edition, I only need 1 stop
Since the inception of Executive Edition, I only need 1 stop

As a retailer in the surf industry for the past 21 years, I have had to use multiple sources to stay informed to the news within surf. Since the inception of the Executive Edition of Shop-Eat-Surf.com, I need only one stop. Thanks for providing such a valuable tool to all of us in the industry. Shop-Eat-Surf is a must read for all of our staff at Maui Nix.

- By George Karamitos, CEO, Maui Nix
Always a good daily read
Always a good daily read

Shop-Eat-Surf creates a good source of timely information about the industry. The site makes all types and size companies feel part of a community where everyone is stoked to hear about other companies successes and ideas. It is always a good daily read.

- By Ted Li, VP of North America, Oakley
Industry Insight

CURVEXPO: Recap of the swimwear & lingerie show in Las Vegas.

SIMA: Save the Date invitation for Humanitarian Fund's STOKES ME Bowl-a-rama on Sept. 16.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Canadian retailer West 49 rejects Adrenalina bid

By Andrew Horan
May 05, 2009 2:22 PM

West 49, a major action sports retailer in Canada, today rejected an unsolicited takeover bid from Adrenalina.

Adrenalina storefrontAdrenalina, which previously sought unsuccessfully to acquire major U.S. action sports retailer Pacific Sunwear, tendered the unsolicted offer yesterday, according to news reports.

Adrenalina's offer valued West 49 at 55 cents (Canadian) per share - or $35 million.

West 49's Q4 08 results, the most recent available, showed sales of $62.4 million, a slight increase from the prior-year Q4. Same store sales dropped by -4.5 percent for the company and by -2.4 percent for the West 49 banner stores.

The Burlington, Ontario retailer operates 134 stores in nine Canadian provinces and two e-commerce sites. It bills itself as Canada's leading action sports retailer, and in addition to West 49 operates Off The Wall, Amnesia/Arsenic, D-Tox, and Duke's Northshore stores.

Its west49.com site focuses on skate and music, and offerings include D.C. shoes, Quiksilver, Hurley, Circa, Osiris, Vans, Billabong, Element, Globe, Fox and dozens of other large and small action sports brands from around the world.

In rejecting Adrenalina's offer, the West 49 board in a release said it did not believe the offer was in the best interests of the company or its shareholders best interest and cited many of the same reasons as PacSun's board:

"The board of directors noted that Adrenalina is an unlisted U.S. public company that has recently indicated that it does not have the financial resources to file its legally required annual report," West 49's statement said. "(It) has an unproven business model and operates a very small number of highly expensive retail stores in the U.S., and has recently made a similar and unsuccessful unsolicited attempt to acquire Pacific Sunwear of California, Inc."

Here's a link to a story today in the online Canada Press about West 49's response.

And here is a link to a story today in the Toronto Globe and Mail about Adrenalina's offer.


More on: bid, Adrenalina, West 49

Articles You Might Have Missed