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Owner of Payless, Keds to be split in $2 billion acquisition
Owner of Payless, Keds to be split in $2 billion acquisition

Collective Brands Inc., which owns footwear brands such as Sperry Top-Sider and Keds and the shoe retailer Payless ShoeSource, will be split in two by multiple buyers in a purchase valued at $2 billion, including debt. Wolverine Worldwide, Blum Capital and Golden Gate Capital formed an acquisition company to buy Collective for $21.75 a share. The deal was unanimously approved by Collective’s board and is expected to close late in the third quarter or early in the fourth. The price represents a 104% premium on Collective’s 30-day average stock price before Aug. 24, when the company first announced that it was looking into a strategic and financial shift for its operations. ...

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