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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)