PARIS — French retail-to-luxury group PPR has extended its tender offer for shares in Californian action sportsbrand Volcom Inc. to June 16 to allow additional time to obtain necessary foreign antitrust approvals.
The cash tender offer for 100 percent of Costa Mesa-based Volcom at $24.50 a share had been due to expire on Thursday. As of Tuesday, a total of 8,868,132 shares of Volcom common stock had been tendered into the offer, PPR said in a statement.
The closing of the offer, which values Volcom at $607.5 million, is conditioned on the valid tender of a majority of the outstanding shares of Volcom common stock.
The acquisition is the first step in PPR’s bid to build a mass-market division around Puma that could eventually eclipse its luxury holdings like Gucci.
Having spun off its African distribution business CFAO and furniture chain Conforama, PPR is looking to shed the rest of its retail operations and use the proceeds to fund more acquisitions.