Jan 16 U.S. footwear maker K-Swiss Inc
said it has agreed to be acquired by South Korean retailer
E-Land World Ltd for $4.75 per share in cash in a deal valued at
about $170 million.
The offer price is a 49 percent premium to K-Swiss' closing
stock price of $3.19 Wednesday on the Nasdaq.
The deal requires the approval of 80 percent of K-Swiss'
outstanding voting power. Certain Class A and Class B
stockholders, who collectively hold about 75 percent of the
voting power, have executed agreements to vote in favor of and
support the transaction, K-Swiss said.
E-Land will use existing resources and credit facilities to
fund the acquisition and will not need additional external
financing for this transaction, according to a company
E-Land, a privately-owned retailing group, has added
outlets, leisure holdings and upmarket brands such as bags and
wallet maker Mandarina Duck in a series of acquisitions since
Last year, it joined a consortium that bid for, but failed to
acquire, the U.S. Major League Los Angeles Dodgers baseball