Saucony, Inc. announced that shareholders had voted overwhelmingly to adopt the merger agreement allowing The Stride Rite Corporation to acquire Saucony. At the Special Meeting of Shareholders approximately 86% of the company's Class A Common Stock and approximately 82% of the company's Class A Common Stock and Class B Common Stock, voting together as a single class, held of record and entitled to vote at the meeting approved the merger agreement. The transaction is expected to close later today.
“We are delighted that Saucony shareholders recognized the value and logic of our combination with Stride Rite,” said John Fisher, Saucony's president and CEO. “By becoming part of Stride Rite, we will be able to expand Saucony's market presence and accelerate the growth of our business, elevating the Saucony brand to the next level.”
Saucony and Stride Rite entered into a definitive agreement on June 2, 2005, under which Stride Rite agreed to pay $23 in cash for each outstanding share of Saucony Class A and Class B common stock, or approximately $172 million in aggregate value.
Chestnut Securities, Inc. and Wilmer Cutler Pickering Hale and Dorr LLP served as financial advisor and legal counsel, respectively, in connection with the transaction.
