Collective Brands' shareholders are to vote next week on whether to approve a US$2bn deal that will see the company sold to Wolverine Worldwide and two private equity firms.

The deal, which will pay US$21.75 a share, would see Wolverine Worldwide take on Collective Brands Performance + Lifestyle Group, which includes the wholesale and retail operations of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands.

Meanwhile, private equity firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International, which will operate as a standalone entity.

The vote is set to take place on 21 August.