Stride Rite Corp. Rejects $900-Million Takeover Attempt
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CAMBRIDGE, Mass. — Stride Rite Corp., which makes Keds and Sperry Top-Sider shoes, announced today that its board of directors rejected a $900-million takeover bid from a group of investors.
Arnold Hiatt, chairman of the shoe manufacturer, said in a statement the board determined that “a successful, independent Stride Rite is in the best long-term interests of Stride Rite’s shareholders, employees, customers and the communities we serve.”
Stride Rite received the $32-per-share offer in December from a group led by Walsh, Greenwood & Co. of Greenwich, Conn.
Stride Rite has more than 180 stores and more than 60 shoe sections in department stores.
Stride Rite also announced today that its earnings rose 73% in the fourth quarter, which ended Dec. 1.
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