Stride Rite (SRR) Children's Shoes, Keds Message Board

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Non-Tech : Stride Rite (SRR) Children's Shoes, Keds

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From: Carey Thompson	5/27/2007 10:23:14 PM
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Payless to Acquire Stride Rite for $800M Tuesday May 22, 5:01 pm ET Payless ShoeSource to Acquire Stride Rite for $800 Million, Form New Holding Company NEW YORK (AP) -- Footwear retailer Payless ShoeSource Inc. on Tuesday agreed to acquire Stride Rite Corp., which makes children's shoes, for about $800 million plus the assumption of debt. The all-cash offer is valued at $20.50 per share, which represents a 33 percent premium over Stride Rite's closing price Tuesday of $15.45. The sale price is also higher than the 52-week peak of $18. When the deal closes, Payless ShoeSource said it will rename the company Collective Brands Inc. This holding company will operate three stand-alone business units: Payless stores, Stride Rite and Collective Licensing International, which Payless acquired in March. Collective Brands will be listed on the New York Stock Exchange and will be based in Topeka, Kan., along with Payless ShoeSource. Stride Rite's headquarters will remain in Lexington, Mass., and Collective Licensing will stay in Denver. Each of the individual operating units will retain their own names and operations. The transaction is expected to close in the third fiscal quarter of 2007. Shares of Payless ShoeSource fell 27 cents to close Tuesday at $31.90. Stride Rite rose 27 cents to close at $15.45 and soared $4.55 to $20 in after-hours trading. biz.yahoo.com

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