Cutter & Buck Agrees to $156.5M Buyout
Thursday April 12, 7:24 pm ET
Cutter & Buck Agrees to $156.5M Buyout by Sweden's New Wave Group Worth $14.38 Per Share
SEATTLE (AP) -- Cutter & Buck Inc., a designer of golf and sportswear, said Thursday it agreed to be acquired by New Wave Group AB for $156.5 million in cash.
Under the deal, Sweden-based New Wave Group will pay $14.38 per Cutter & Buck share, a 24 percent premium over Thursday's closing price.
New Wave Group, a marketer of clothing, accessories and gifts, feels the deal will help its brands in the United States, particularly New Wave and Clique, deputy Chief Executive Goran Harstedt said in a statement. It will also expand distribution of Cutter & Buck's brands, such as "ANNIKA," in Europe.
Both companies' boards have approved the deal, which they expect to close by the end of May. New Wave Group said it expects the acquisition to add to its financial results this year.
Cutter & Buck shares rose 4 cents to close at $11.63 on the Nasdaq Stock Market.
biz.yahoo.com |
