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.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"