Stride Rite Corp. Rejects $900-Million Takeover Attempt

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.