PPR Secures About 72.3% Stake In Volcom
June 17 2011 - 3:22AM
Dow Jones News
French retail and luxury group PPR SA (PP.FR) Friday said it has
completed the tender offer made by its wholly owned subsidiary to
purchase all outstanding common shares of Volcom, Inc. (VLCM) for
$24.50 per share in cash. The offer expired at 5:30 p.m., New York
City time, on Thursday, June 16, 2011.
MAIN FACTS:
- Based on preliminary information from Computershare Trust
Company, N.A., 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14,686,156 shares were validly tendered and not withdrawn in the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% 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and not withdrawn from the tender offer, represent approximately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% of Volcom's issued and outstanding shares.
- All validly tendered shares have been accepted for payment,
which will be made in accordance with the terms of the tender
offer.
- PPR 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., New
York City time, on Wednesday, June 22, 2011, unless extended.
During this subsequent offering period, holders of shares of Volcom
common stock who did not previously tender their shares into the
tender offer may do so, and PPR will promptly purchase any shares
properly tendered for the same consideration (without interest)
paid in the initial offering period of the tender offer.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
geraldine.amiel@dowjones.com
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