- Global Selloff From Dubai Shows Signs of Winding Down
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Tiger Woods Out of Hospital After Accident
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Get Paid Six Figures to Wear a T-Shirt?
- The World's Biggest Debtor Nations
- Five Tips for Buying a Foreclosed Home
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
MOST SHARED
- Tiger Woods Out of Hospital After Accident
- The Good Entrepreneur Winner
- Get Paid Six Figures to Wear a T-Shirt?
- Dubai Spooks Investors But May Bring Buying Opportunity
- Global Selloff From Dubai Woes Shows Signs of Winding Down
- Longer Lines, Fuller Carts This Black Friday
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
- 8 Retailers that Gain During the Holidays
- Next Week: Cash In Now Or Wait For A Santa Rally?
Text Size 
Footwear retailer Payless ShoeSource [PSS
Loading...
()
] on Tuesday agreed to acquire Stride Rite [SRR
Loading...
()
], which makes children's shoes, for about $800 million plus the assumption of debt.
The all-cash offer is valued at $20.50 per share, which represents a 33% premium over Stride Rite's closing price Tuesday of $15.45. The sale price is also higher than the 52-week peak of $18. Stride Rite soared $4.55 to $20 in after-hours trading.
When the deal closes, Payless ShoeSource said it will rename the company Collective Brands Inc. This holding company will operate three stand-alone business units: Payless stores, Stride Rite and Collective Licensing International, which Payless acquired in March.
Collective Brands will be listed on the New York Stock Exchange and will be based in Topeka, Kan., along with Payless ShoeSource. Stride Rite's headquarters will remain in Lexington, Mass., and Collective Licensing will stay in Denver.
Each of the individual operating units will retain their own names and operations.
The transaction is expected to close in the third fiscal quarter of 2007.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes