Pacific Sunwear of California, Inc.’s board of directors has determined that the unsolicited proposal received from Adrenalina to purchase all of the issued and outstanding shares of common stock of Pacific Sunwear is not in the best interests of the company’s shareholders.

 

As reported, Adrenalina on Monday offered to acquire Pacific Sunwear for $300 million, or $4.50 a share. That represented a 24% premium to Pacific Sunwear’s closing price Friday.

 

Adrenalina has three stores in Florida as well as three locations under construction outside of the state. Pacific Sunwear operates 938 stores across the country.