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Article: Stride Rite to Acquire Saucony, Leading Athletic Footwear and Apparel Company; $167 Million Athletic Brand Extends Stride Rite's Portfolio Of Nationally Recognized Footwear Brands.
- Article from:
- Business Wire
- Article date:
- June 2, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LEXINGTON, Mass. -- The Stride Rite Corporation (NYSE: SRR) today announced that it has entered into a definitive agreement to acquire Peabody, Massachusetts-based Saucony, Inc. (NASDAQ: SCNYA/SCNYB), a leader in performance running shoes. With approximately $167 million in global sales in 2004, Saucony will significantly extend the range of Stride Rite's nationally recognized footwear brands.
Under the terms of the agreement, approved unanimously by the Boards of both companies, Saucony shareholders will receive $23.00 in cash for each Saucony share. The transaction value is approximately $170 million based on the current number of shares of Saucony's common ...