Variflex to Be Bought by Bravo Sports
From Bloomberg News
Variflex Inc., which sells skateboards featuring images of Shrek and SpongeBob SquarePants, agreed to be bought by closely held Bravo Sports for about $38 million in cash.
Bravo will give Variflex shareholders $7.60 for each share they own, Variflex said. The price is about 2% lower than Moorpark-based Variflex’s closing share price Thursday.
Bravo, based in Cypress, makes components for skateboards and in-line skates. The directors of both companies have approved the acquisition, which is expected to close before December.
Variflex sells in-line skates, skateboards and scooters to retailers. The company’s shares dropped 29 cents to $7.50 on Nasdaq.
