Sponsors
Billabong ▼ 0.000 | PPR ▼ -0.15 | American Apparel ▼ -0.018 | The Buckle ▲ +0.37 | Columbia ▲ +0.07 | Deckers Outdoor ▲ +0.80 | Dicks ▲ +0.77 | Foot Locker ▲ +0.39 | Genesco ▲ +1.10 | Iconix Brand Group ▲ +0.76 | Jarden Corp ▼ -0.16 | Nordstrom ▲ +0.57 | Luxottica ▼ -0.03 | Nike ▲ +1.19 | Pacific Sunwear ▼ -0.06 | Skullcandy ▲ +0.11 | Sport Chalet - 0 | Urban Outfitters ▲ +0.63 | VF Corp ▼ -0.29 | Quiksilver ▼ -0.03 | Zumiez ▲ +0.18 | Macys ▲ +0.63 | Tillys ▼ -0.04 |
Professional Services
Friedman Stroffe & Gerard, P.C.

FSG’s Action Sports Practice Group provides legal services to the action sports industry. Our clients include surfers, skiers, snowboarders and skaters, as well as sponsors and leading apparel companies. Our attorneys serve in positions with industry organizations such as the Association of Surfing Professionals. We know your business and can provide full-service legal solutions to meet your organizational needs.

More Professional Services...
Readers Say
The most up-to-date information
The most up-to-date information

“Shop-Eat-Surf is a great source for the most up to date information of what is going on in our industry. I always enjoy reading the articles and appreciate the effort from Tiffany and her team."

- By Richard Woolcott, CEO and Founder, Volcom
Executive Edition is a must have
Executive Edition is a must have

Before Shop-Eat-Surf, there were two sites I paid for premium content on. One is Surfline, the other is the Wall Street Journal. One is about all things surf, the other, the best business content site in the world. Shop-eat-surf is the intersection of those two worlds. Shop-Eat-Surf provides everything from coverage of events, people, brands and trends. However, beyond the Executive Edition "wall" is more meaty analysis and interpretation of financial statements, business models and brand philosophies; why certain brands and companies are succeeding, where others aren't. The Executive Edition is a must have read if the business of surf and action sports are on your radar screen.

- By Jeff Berg, Co-owner, Surfline
Industry Insight

4 reasons for B2B companies to embrace ecomm from NuORDER. Invitation to PROCOPIO's Labor and Employment Law seminar.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Volcom to sell to French luxury company PPR

By Press Releases
May 02, 2011 6:35 AM

Editor's note: We'll update this story throughout the day.

 

In early trading today, Volcom stock was up 23.7% to $24.41 on the news.

 

Press Release:

 

PARIS, France & COSTA MESA, Calif.-- Monday, May 2, 2011 – PPR (FR 0000121485, PRTP.PA, PPFP) and Volcom, Inc. (NASDAQ: VLCM) today jointly announced that they have signed a definitive merger agreement whereby a new wholly owned subsidiary of PPR will make a cash tender offer to acquire 100% of the shares of Volcom for a price of $24.50 share, for a total equity value of $607.5 million and an enterprise value of $516.1 million.

 

The acquisition represents an important transaction for PPR in its Sport & Lifestyle Group, providing PPR with a leading active apparel brand with a heritage in skateboarding, snowboarding, and surfing.

 

The Volcom Board of Directors has unanimously recommended that Volcom shareholders accept and tender their shares into the offer, which represents a 37% premium over the three-month average trading price of Volcom shares.

 

The offer is subject to customary conditions, including tender of a majority of the outstanding shares into the offer (on a fully diluted basis), and applicable regulatory approvals.

 

Certain Volcom directors and officers, who collectively own 14.4% of the outstanding shares, have agreed to tender all of their shares in the tender offer. The transaction is expected to be completed during the third quarter of 2011.

 

PPR screen shot“Volcom is arguably one of the most desirable global action sports brands with an authentic legacy rooted in surf, skate, and snow sports,” said François-Henri Pinault, Chairman and Chief executive officer of PPR.

 

“We admire Volcom’s brand management capabilities and the unique voice in which it speaks to its customers, expressed in high-quality, fashion-forward, innovative apparel and accessories. Volcom is complementary to Puma and we are convinced that its integration into our Sport & Lifestyle Group will speed up its development.”

 

Richard Woolcott, Volcom’s Chairman and Chief executive officer, said, “PPR is the perfect partner to help take the Volcom and Electric brands to the next level of success. For more than 20 years we have worked to inspire a movement that provokes freedom of thought and expression, and celebrated this spirit through our athletes, worldwide events, rock tours, feature films and, of course, our apparel.

 

"PPR, with its expertise gained through both Puma and its Luxury Group, could bring international market knowledge, sourcing capabilities and other operational expertise in areas such as product development and retailing to help the company grow Volcom globally, while preserving the elements that make the brands authentic.”

 

On page 2: Advisors to both parties in the deal and the notice to investors

 

 

Previous 1 2 Next

More on: Volcom, PPR

Articles You Might Have Missed