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PacSun Rejects Adrenalina Bid

Larger company says smaller company’s offer would not benefit shareholders

Published

16 years ago

October 22, 2008

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Pacific Sunwear of California Inc. (Anaheim, Calif.) has rejected the unsolicited buyout offer from Adrenalina (Miami), saying that it was “not in the best interests of [our] shareholders.”

The extreme sports retailer had offered to buy the larger specialty apparel retailer in a stock and cash bid valued at about $300 million. The bid came after Adrenalina ceo Ilia Lekach made several unsuccessful attempts to contact Pacific Sun ceo Sally Frame Kasaks in discussions.

There was some doubt that Adrenalina could finance the deal, but Lekach made several reassurances that it could, telling Daily News Record that the money would come from “private individuals, institutional buyers and strategic partners.”

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