West 49 Inc. said its board of directors has unanimously rejected the
unsolicited proposal from Adrenalina “as it does not believe that pursuing Adrenalina’s proposal is in the best interests of West 49 Inc. or its shareholders.” The board of directors noted that Adrenalina is an unlisted U.S. public company that has recently indicated that it does not have the financial resources to file its legally required annual report, that has an unproven business model and operates a very small number of highly expensive retail stores in the U.S., and that has recently made a similar and unsuccessful unsolicited attempt to acquire Pacific Sunwear of California, Inc.

West 49 Inc. affirms that it has had no prior discussions with Adrenalina regarding this or any other type of potential transaction and is not aware of any interest previously expressed by Adrenalina in West 49 Inc.’s business.

As reported, Adrenalina on Monday Adrenalina made a bid to acquire West 49 Inc., the Burlington, Ont.-based action sports retailer. Adrenalina made an offer of Canadian 55 cents per share in cash and stock, valuing West 49 at Canadian $35 million (U.S. $29.7 million).