Quiksilver, Inc. has successfully completed its tender offer for the outstanding share capital of Skis Rossignol S.A., acquiring approximately 6.0 million shares during the offering period for 19.00 per share. Upon the anticipated closing of the transaction on July 26, Quiksilver expects to directly or indirectly own approximately 94% of the issued share capital of Rossignol with just over 95% of the voting rights.
The company will reopen the tender offer on July 25 for an additional 15 days to address the remaining outstanding shares. They need to acquire an additional 1% of the issued share capital to proceed to the mandatory squeeze out to obtain the remaining shares.
In other Quiksilver news, the company was set at press time to complete its private placement of ten-year senior notes to facilitate financing the Rossignol acquisition. While the offering was initially planned to raise $350 million, strong demand enabled the company to upsize the over-subscribed offering to $400 million at a coupon rate of 6.875%.
