By  on October 20, 2008

In an unsolicited bid with David and Goliath overtones, extreme sports retailer Adrenalina offered to buy Pacific Sunwear of California Inc. on Monday for $4.50 a share in a cash and stock deal valuing the company at about $300 million.

The price represents a premium of 24.3 percent on the West Coast-inspired retailer’s Friday’s closing price of $3.62. Following the offer, sent to the board after PacSun chief executive officer Sally Frame Kasaks declined to respond, shares of PacSun rose 18 cents, or 5 percent, to $3.80. Adrenalina shares were up 25 cents, or 20.8 percent, to $1.45.

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