South Korea's E.Land World Pays $170M To Take Over Footwear Brand K-Swiss
Footwear brand K-Swiss announced that South Korea-based fashion and retail company E.Land World will acquire all of the outstanding common stock of K-Swiss for $4.75 per share in cash, or a total equity value of approximately $170M. The offer price is a 49% premium to K-Swiss' closing stock price of $3.19 Wednesday on the over-the-counter market. The agreement will see K-Swiss stockholders receive $4.75 in cash for each outstanding Class A and Class B share of the company's common stock they own. The deal is expected to close during the second quarter of '13 (K-Swiss).