US: Wolverine World Wide leads Collective Brands bid?
The acquisition may be announced early this week, Bloomberg reported, saying that the offer values the company at US$21-22 a share and is likely to be chosen over a bid from South Korean company E-Land.
However, unnamed sources told Bloomberg that the decision isn't final and could change at the last minute as the companies work out terms and financing.
In August last year, Collective Brands revealed plans to launch a strategic review after it swung to a second quarter loss of US$35m. It hired Perella Weinberg Partners and Kurt Salmon as advisers.
The announcement came as the company said it would close some 475 under-performing Payless and Stride Rite outlets.
Footwear maker Wolverine Worldwide has lowered its full-year earnings target after posting a 19% drop in third-quarter net profit amid challenging economic trading conditions in Europe....
Payless Holdings, which owns Payless ShoeSource and Collective Licensing International, has appointed Paul Jones as CEO. ...
Wolverine Worldwide, Golden Gate Capital and Blum Capital have completed the acquisition of US footwear company Collective Brands. ...
US footwear group Collective Brands has swung to a second-quarter net profit despite closing hundreds of stores. ...
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