Bid renewed for Pacific Sunwear
times wire services
Pacific Sunwear of California Inc., an athletic clothing and equipment retailer, received a higher cash-and-stock bid of $329 million from Adrenalina after rejecting a previous offer as too low.
The new bid, worth $5 a share, is more than the $4.50 proposed last week and 67% above Pacific Sunwear’s closing price Tuesday, said Adrenalina, which is based in Florida.
Adrenalina, which recorded sales of $2.3 million in the six months ended June 30, has three stores and five on the way. Anaheim-based Pacific Sunwear, with 1,121 PacSun and One Thousand Steps footwear stores, had $1.45 billion in revenue for the fiscal year that ended in February.
