PARIS — Puma's stock rose again on Wednesday, following PPR's purchase of a controlling stake.
The German sports brand's shares went up 1.9 percent to close at 350.42 euros, or $467.81 at current exchange, on the Frankfurt Stock Exchange. The boost came after a 9 percent spike on Tuesday that prompted analysts to suggest PPR's 5.3 billion euro, or $7.07 billion, offer to buyout the rest of the shares undervalues Puma.
The French retail and luxury conglomerate, which owns prestige brands, including Gucci and Yves Saint Laurent, purchased a 27.1 percent stake in Puma and planned to offer 330 euros, or $440.55, per remaining share.
Analysts speculated there might be a higher counter offer, but François-Henri Pinault, PPR'S chairman and chief executive officer, has nixed the idea of a bidding war for the remaining shares in Puma, maintaining his firm's offer is "firm and definitive."
During Puma's annual shareholders' meeting Wednesday in Nuremberg, Jochen Zeitz, chairman and chief executive officer, endorsed the deal with PPR, characterizing the offer as fair and in the best interests of the company.
Zeitz is slated to host a press conference today to discuss the PPR deal.
On Wednesday, during an interview with a German television channel, Zeitz hinted he would not rule out other offers. But market sources downplayed the likelihood of a bid from rival sporting goods giant Nike.
PPR shares dipped 2.1 percent Wednesday to close at 130.30 euros, or $173.95, on the Paris Bourse.
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