PARIS — French retail-to-luxury group PPR and California action sports brand Volcom Inc. said Friday they had received all necessary antitrust approvals to go through with PPR’s takeover bid.
PPR has offered $24.50 a share for 100 percent of the Costa Mesa-based company, valuing it at $607.5 million. Originally scheduled to expire June 9, the tender was extended to June 16 to allow extra time for the necessary foreign antitrust approvals to come through.
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.