PPR: Successful Completion Of Tender Offer On Volcom
June 23 2011 - 3:10AM
Dow Jones News
French retail and luxury group PPR SA (PP.FR) and U.S.-based
sportswear group Volcom Inc (VLCM) Thursday jointly announced the
successful completion of PPR's tender offer by its wholly owned
subsidiary, Transfer Holding, Inc., for all outstanding shares of
common stock of Volcom for $24.50 per share in cash.
MAIN FACTS:
- The subsequent offering period for the tender offer expired at
5:30 p.m., New York City time, on Wednesday, June 22, 2011.
- Computershare Trust Company, N.A., the depositary for the
offer, advised that as of such time, a total of approximately
3,692,991 shares had been validly tendered into the subsequent
offering period, which, when combined with those shares purchased
in the initial offering period, represent approximately 87.4% of
Volcom's issued and outstanding shares. All shares validly tendered
have been accepted for payment, and payment for such shares has
been or will promptly be made in accordance with the terms of the
offer.
- PPR, through its wholly owned subsidiary, plans to exercise
the top-up option to purchase directly from Volcom an additional
number of shares sufficient (when combined with the shares
purchased in the tender offer) to obtain ownership of 90% of
Volcom's outstanding shares.
- PPR intends to complete its acquisition of the remaining
shares of Volcom as soon as practicable through a short-form merger
of Transfer Holding, Inc. with and into Volcom, with Volcom
surviving as an indirect wholly owned subsidiary of PPR.
- In the short-form merger, any remaining Volcom shares (other
than those held by PPR, Volcom or a subsidiary of PPR or Volcom,
and any shareholders who validly exercise their appraisal rights in
connection with the merger) will be exchanged for $24.50 per share
in cash. Following the merger, shares of Volcom common stock will
no longer be traded on the Nasdaq Stock Market.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
geraldine.amiel@dowjones.com
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