K-Swiss and E.Land World Complete Merger
01 5월 2013 - 3:25AM
Business Wire
K•Swiss Inc. (NASDAQ: KSWS) and E.Land World Ltd. announced
today that E.Land has completed its acquisition of K•Swiss in a
merger transaction. K•Swiss is now an indirect wholly-owned
subsidiary of E.Land.
Pursuant to the merger agreement, K•Swiss stockholders will
receive $4.75 in cash, without interest, for each share of K•Swiss
common stock that they owned immediately prior to the merger.
Letters of transmittal allowing K•Swiss stockholders of record to
deliver their shares to the paying agent in exchange for payment of
the merger consideration will be distributed shortly after the
closing. Stockholders who hold shares through a bank or broker will
not have to take any action to have their shares converted into
cash as such conversions will be handled by the respective bank or
broker.
As a result of the merger, the Class A common stock of K•Swiss
will no longer be traded on the NASDAQ Stock Market.
Goldman, Sachs & Co. acted as financial advisor to K•Swiss,
and Gibson, Dunn & Crutcher LLP acted as legal advisor. Morgan
Stanley & Co. acted as financial advisor to E.Land, and
Linklaters LLP acted as legal advisor.
About K•Swiss
Founded more than forty years ago in Van Nuys, California,
K•Swiss introduced the first all-leather tennis shoe, the K•Swiss
“Classic” in 1966. Since its inception, K•Swiss has rooted itself
in California Sport with an aim to be the most inspiring and
innovative sports brand in the market. Today the Company offers
performance and lifestyle footwear and apparel for several
categories under its California Sports umbrella including Tennis
Heritage, California Fit (Running, Triathlon and Fitness) and
California Youth. K•Swiss also designs, develops and markets
footwear under the Palladium brand. For more information about
K•Swiss, visit www.kswiss.com.
About E.Land Group
Established in 1980 in Korea, E.Land has grown to become
one of the largest South Korean conglomerates, primarily
specializing in fashion and retail/distribution. E.Land is Korea's
first and largest integrated fashion and retail company, with
operations spanning nine different countries across three
continents, including Korea, China, India, the United States and
Italy. Comprised of over 60 affiliated entities, the Company offers
close to 200 brands and operates more than 10,000
stores worldwide. In addition to K•Swiss, E.Land’s newer
businesses include restaurants, construction and leisure.
E.Land’s core philosophies are honesty and customer value, and
the Company is actively involved in community service both locally
and worldwide through its own E.Land Foundation, being one of the
most civically active corporations in Korea, India, Vietnam and
China.
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