French retailer PPR (PRTP.PA) has agreed to buy U.S. clothing brand Volcom (VLCM.O) for $607.5 million as it continues to refocus its business on sports, lifestyle and luxury. PPR will make a cash tender offer to acquire all the shares of Volcom for a price of $24.50 a share, PPR said in a statement on Monday. The Volcom board of directors has unanimously recommended that shareholders tender their shares into the offer, which represents a 37 percent premium over the three-month average trading price of Volcom shares, PPR said. Certain Volcom directors and officers, who collectively own 14.4% percent of the outstanding shares, have agreed to tender all of their shares, PPR said.
Volcom, Inc. is a designer, marketer and distributor of young men and young women clothing, footwear, accessories and related products under the Volcom brand name. Shares of VLCM remained unchanged at $19.73. In the past year, the shares have traded as low as $15.04 and as high as $24.79. On average, 83143 shares of VLCM exchange hands on a given day and today's volume is recorded at 0.
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