WYOMISSING, Pa. -- VF Corp. said it has finished its acquisition of Nutmeg Industries, completing an offer in which 95 percent of Nutmeg's shares were tendered into VF's $17.50-a-share offer.
As reported, the principal shareholders of Nutmeg, a manufacturer of licensed sports apparel based in Tampa, Fla., agreed in December to be acquired by VF in a tender offer valued at $325.5 million. The 5 percent of Nutmeg shareholders who did not accept the tender offer will now be paid $17.50 as well.
Lawrence R. Pugh, VF's chairman and chief executive officer, said the Nutmeg purchase, combined with the recent acquisition of H.H. Cutler, makes VF "one of the leading players in the sports apparel industry." Pugh also noted that VF's Bassett-Walker subsidiary will be the main source for all the company's knitwear needs, which should allow the acquired companies to "realize significant synergies from a more vertically integrated manufacturing structure."
In the nine months ended Oct. 30, Nutmeg's sales rose 21.2 percent, to $144.2 million.
To accomplish the acquisition, Nutmeg was merged with a VF subsidiary, Spice Acquisition Co., with Nutmeg remaining as the surviving corporation.
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