PPR S.A.announced that it has completed the tender offer made by its wholly owned subsidiary to purchase all outstanding common shares of Volcom for $24.50 per share in cash. The completion effectively gives the parent of Puma control of the action sports apparel brand.
The offer expired at 5:30 p.m., ET, on June 16. Based on preliminary information, the depositary for the offer, as of the expiration of the initial offering period of the tender offer, approximately 14,686,156 shares were validly tendered and not withdrawn in the tender offer, representing approximately 72.3 percent of Volcom’s issued and outstanding shares, giving PPR control of Volcom.
In addition, the depositary has received commitments to tender approximately 4,714,540 shares in accordance with guaranteed delivery procedures, which, when combined with the shares tendered and not withdrawn from the tender offer, represent approximately 91.6 percent of Volcom’s issued and outstanding shares. PPR today also announced that it, through its wholly owned subsidiary, has commenced a subsequent offering period to acquire the remaining shares of Volcom common stock, including those shares tendered pursuant to guaranteed delivery procedures. The subsequent offering period will expire at 5:30 p.m., ET, on June 22, unless extended.
