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MIAMI - Athletic apparel and equipment maker Adrenalina on Wednesday raised its offer for teen apparel retailer Pacific Sunwear of California Inc., but the teen apparel retailer again rejected the sweetened bid.
Miami-based Adrenalina said it will offer $5 per share for Pacific Sunwear, up from its $4.50-per-share bid last week.
Pacific Sunwear rejected Adrenalina's previous bid and said Wednesday that the revised $5 proposal is "not in the best interest of shareholders."
"We believe the PacSun board of directors has rejected our acquisition proposal hastily and without full consideration," Ilia Lekach, Adrenalina's chief executive, said in a statement. "Our next option is to present our proposal directly to PacSun's shareholders at a shareholders meeting."
Pacific Sunwear's shares rose 18 cents, or 6 percent, to close at $3.18 on Wednesday.
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