U.S. footwear maker K-Swiss Inc said it has agreed to be acquired by South Korean retailer E-Land World Ltd for $4.75 per share in cash in a deal valued at about $170 million. The offer price is a 49 percent premium to K-Swiss' closing stock price of $3.19 Wednesday on the Nasdaq.The deal requires the approval of 80 percent of K-Swiss' outstanding voting power. Certain Class A and Class B stockholders, who collectively hold about 75 percent of the voting power, have executed agreements to vote in favor of and support the transaction, K-Swiss said.E-Land will use existing resources and credit facilities to fund the acquisition and will not need additional external financing for this transaction, according to a company statement.E-Land, a privately-owned retailing group, has added outlets, leisure holdings and upmarket brands such as bags and wallet maker Mandarina Duck in a series of acquisitions since 2009.
Designs, develops, and markets high performance and casual athletic footwear. Shares of KSWS fell by 1.24% or $-0.04/share to $3.19. In the past year, the shares have traded as low as $2.20 and as high as $4.59. On average, 218943 shares of KSWS exchange hands on a given day and today's volume is recorded at 122749.
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