CANADA: Shareholders back West 49 sale
Stockholders in action sports retailer West 49 have overwhelmingly backed plans to sell the company to surfwear business Billabong International.
More than 99.9% of votes at a special meeting in Toronto backed the move, which sees shareholders receive C$1.30 (US$1.22) per share from Aurora, a wholly-owned subsidiary of Billabong International.
Final court approval for the sale will probably be sought tomorrow (26 August) and, subject to customary closing conditions, it should be completed in late August or early September.
Billabong was left in pole position to buy the Canadian retailer after US sportswear company Zumiez abandoned its higher bid for the business in July.
The following is a general roundup of US apparel and shoe chains' August 2010 sales results. The list will be updated as new results become available....
Third quarter results at Zumiez Inc have beaten expectations after higher sales helped the action sports apparel and footwear retailer to a 143% profit hike....
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