Quiksilver, Inc. has executed the stock purchase agreement with the Boix-Vives family, which holds a majority interest in the Rossignol Group. The agreement in principle to acquire the Rossignol Group was announced on March 22, 2005, but formal execution of the stock purchase agreement had been pending a report on the proposed transaction by Rossignol's workers' council.
Rossignol's workers' council, also known as the “Company Central Committee,” issued its report on April 7, 2005, indicating that the choice of Quiksilver by the majority shareholder offers positive opportunities for the future.
The transaction continues to be subject to regulatory approvals in France and elsewhere. Quiksilver continues to anticipate a public tender offer for the remaining shares not controlled by the Boix-Vives family and expects the transaction to close prior to the end of Quiksilver's third fiscal quarter, which ends July 31, 2005.
