Adrenalina resubmitted its proposal to the board of directors of Pacific Sunwear of California Inc. to enter into negotiations aimed at acquiring that company at an increased price of $5.00 per share, or an aggregate of approximately $329 million, in a combination of cash and stock. Pacific Sunwear quickly rejected the offer, saying in a statement that the new offer “is not in the best interests of the company's shareholders.”
In its own statement, Adrenalina noted that its increased acquisition offer represents a premium of 67% above the closing price of PacSun common shares on Oct. 28, 2008. The proposed purchase price per share is 50 cents, or 11%, higher than Adrenalinas original offer of $4.50 per share announced on Oct. 20, 2008.
