Companies and Brands
US Bootmaker Acquired by Japanese Retailer
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LaCrosse Footwear Inc. (NASDAQ: BOOT), a maker of work and outdoor boots, has agreed to be acquired by Japan’s ABC-MART Inc. in an all-cash deal worth $20/share, or about $138 million. The price represents an 82% premium to LaCrosse’s average closing price over the past 30 trading days. The acquisition is expected to close in the third quarter.
LaCrosse has agreed not to seek alternative offers and will pay a $5.5 million termination fee plus up to $1 million in reimbursement for expenses if the company accepts an opposing offer.
ABC-INC operates about 800 stores in Japan, South Korea, and Taiwan, and is a distributor for other brands, including Vans, Sperry Top-Sider, and Saucony. LaCrosse makes footwear under the Danner and LaCrosse brands and distributes its products in North America, Europe, and Asia. The company does not operate its own retail shops.
Shares are up 81% at $19.87 after posting a new 52-week high of $20.00. The previous range was $10.33-$14.39. Shares closed at $10.98 last night.
Paul Ausick
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