Pacific Sunwear of California Inc. said action sports retailer Adrenalina withdrew its nominees for Pacific Sunwear's board, ending a proxy fight. Miami-based Adrenalina had said it would nominate four candidates to the board, but withdrew its nominees after a meeting between the two companies.
Adrenalina had attempted to acquire Pacific Sunwear last year, but the Anaheim, Calif.-based company rebuffed the offer. Still, Adrenalina had said it was interested in working out a deal.
Adrenalina's withdrawal of its nominations follows a meeting earlier this week between several of Pacific Sunwear's independent directors and Ilia Lekach, Adrenalina's Chairman and Chief Executive Officer.
Pacific Sunwear's Lead Independent Director Peter Starrett said: “We appreciated the opportunity to have an open and frank discussion with Mr. Lekach, and to hear his ideas and suggestions. We are pleased that Adrenalina has determined not to pursue a proxy contest, so that the Company can devote all of its resources and attention to the important task of operating its business.”
Lekach added: “I also appreciated the opportunity to meet with Mr. Starrett and several of his fellow independent directors, and to communicate my ideas for strengthening Pacific Sunwear's business.”
