PPR Bids for Remaining Puma Shares

PPR today announced a friendly bid for the 72.9% of Puma's capital that it does not already own, offering 330 euros ($449) in cash for each Puma share which represents a 24% premium over the weighted average share price at April 3.

The offer is being made via PPR's subsidiary SAPARDIS, and values Puma at a total of 5.3 billion euros ($7.2 billion).

In April, PPR bought a 27.1% stake in Puma from German billionaire siblings Guenter and Daniela Herz.

In today's statement, PPR said the acceptance period for its offer runs until June 20 and that it expects to complete the deal by early July.

PPR said Puma will continue to exist as a separate legal entity if the takeover is successful, and stressed that it will not seek to de-list Puma shares.