Early Termination of Waiting Periods for Planned Sale to Wolverine World Wide
Collective Brands, Inc. (NYSE: PSS) yesterday announced that the U.S. Federal Trade Commission has granted early termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act in connection with the Company's previously announced definitive agreement under which it will be acquired by a consortium comprised of Wolverine World Wide, Inc. (NYSE: WWW), Blum Capital Partners and Golden Gate Capital for $21.75 per share in cash, or a total of approximately $2.0 billion, including the assumption of debt.
As previously announced, upon the closing of the transactions, Wolverine will acquire Collective Brands' Performance + Lifestyle Group (PLG), which includes the wholesale and retail operations of the Sperry Top-Sider®, Saucony®, Stride Rite® and Keds® brands, and investment firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International (CLI), which together will operate as a standalone entity. Wolverine, Blum Capital and Golden Gate have formed an acquisition company that is acquiring Collective Brands.
The transaction, which was announced on May 1, 2012, is subject to certain other customary closing conditions, including the approval of Collective Brands' stockholders.
About Collective Brands, Inc.
Collective Brands, Inc. is a leader in bringing compelling lifestyle, fashion and performance brands for footwear and related accessories to consumers worldwide. The company operates three strategic units: Payless ShoeSource, Collective Brands Performance + Lifestyle Group (PLG) and Collective Licensing International. Payless ShoeSource is one of the largest footwear retailers in the Western Hemisphere. It is dedicated to providing incredible values of on-trend and validated styles of footwear and accessories. PLG markets footwear and related products for children and adults under well-known brand names including Stride Rite®, Sperry Top-Sider®, Saucony®, and Keds®. Collective Licensing International is a leading youth lifestyle marketing and global licensing business. Information about, and links for shopping at, each of Collective Brands' business units can be found at www.collectivebrands.com.
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