E.Land World Ltd. has completed its acquisition of KSwiss in a merger transaction. KSwiss is now an indirect wholly-owned subsidiary of E.Land.
Pursuant to the merger agreement, KSwiss stockholders will receive $4.75 in cash, without interest, for each share of KSwiss common stock that they owned immediately prior to the merger. Letters of transmittal allowing KSwiss stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing. Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash as such conversions will be handled by the respective bank or broker.
As a result of the merger, the Class A common stock of KSwiss will no longer be traded on the NASDAQ Stock Market.
Goldman, Sachs & Co. acted as financial advisor to KSwiss, and Gibson, Dunn & Crutcher LLP acted as legal advisor. Morgan Stanley & Co. acted as financial advisor to E.Land, and Linklaters LLP acted as legal advisor.
