CANADA: Retailer West 49 rejects Adrenalina bid

Author: | 5 May 2009

Teen clothing retailer West 49 Inc has rejected an unsolicited buyout bid from US activewear retailer Adrenalina, saying it is not in the company's "best interests."

In a statement today (5 May), West 49 said its board of directors has unanimously rejected the unsolicited proposal to buy its shares for CAD0.55 (US$0.47) per share.

West 49 pointed out that unlisted Adrenalina "recently indicated that it does not have the financial resources to file its legally required annual report, that has an unproven business model and operates a very small number of highly expensive retail stores in the US."

Adrenalina recently made a similar and unsuccessful unsolicited attempt to acquire Pacific Sunwear of California.

 

Sectors: Apparel, Finance, Retail

Companies: West 49, Adrenalina, Pacific Sunwear

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