PPR SA on Friday said it has completed the tender offer to purchase all outstanding shares of Volcom Inc for $24.50 a share in cash.
The offer expired at 5:30 p.m. EDT on June 16.
The Paris-based firm said 14.7 million shares were validly tendered, representing 72.3 percent of Volcom’s issued and outstanding shares, giving PPR control of Volcom. In addition, commitments were received for another 4.7 million shares. The combined total gives PPR control of 91.6 percent of Volcom, PPR said.
The company said it has commenced a subsequent offering period to acquire the remaining shares of Volcom common stock, which will expire at 5:30 p.m. EDT on June 22. The purchase price per share will remain $24.50 in cash, without interest, the company said.