NEW YORK — Lifestyle specialty retailer Pacific Sunwear of California Inc. rejected an unsolicited buyout offer from extreme sports retailer Adrenalina on Tuesday, saying that it was “not in the best interests of its shareholders.”
The announcement comes a day after the Miami-based company offered to buy its rival for $4.50 a share in a cash and stock deal, valuing the large teen retailer at about $300 million. The bid came after Adrenalina CEO Ilia Lekach made several unsuccessful attempts to contact Pacific Sun’s CEO Sally Frame Kasaks in discussions.
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?"