Golf and sportswear apparel maker Cutter & Buck Inc. was acquired by New Wave Group AB for $156.5 million, pending shareholder approval.

Shareholders are expected to get $14.38 a share. The deal was announced late last Thursday after shares closed at $11.63. In the trading session Friday morning, the stock leaped 22 percent to $14.17 on high volume.

New Wave describes itself as a "leader in the design and marketing of consumer products for the corporate promotional and consumer retail markets in Europe."

Cutter & Buck said in a statement that the "combination of the two companies provides Cutter & Buck Inc. a significantly expanded product offering for the United States market and gives New Wave Group AB an upscale golf [and] sportswear brand to distribute in Europe."

Goran Harstedt, New Wave Group AB's deputy chief executive officer, said, "We identified Cutter & Buck Inc. as the company to carry some of our brands, especially New Wave and Clique, in the United States on the corporate promotional market because, like New Wave Group AB, they are founded on great customer service and operational excellence. In addition, they truly understand the markets we operate in. Moreover, we expect to reach substantial synergies within buying, products and distribution."

The companies said that the financial results of Cutter & Buck would be "consolidated with New Wave Group AB's financial statement from and after the closing, expected for the end of May 2007."

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