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VF says it will buy Timberland for US$2b
Source: Agencies |
June 14, 2011, Tuesday
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VF Corp, owner of clothing brands such as The North Face and Wrangler jeans, said it will buy shoemaker Timberland Co for US$2 billion to boost its outdoor and action sports business.
The deal values Timberland at US$43 a share, a 43 percent premium to Friday's closing price of US$29.99 on the New York Stock Exchange.
The companies expect the deal, which was unanimously approved by both boards, to add to VF's earnings per share by 25 US cents in 2011 and by 75 US cents in 2012, including acquisition-related expenses.
Timberland, home to its namesake label and brands such as Mountain Athletics and SmartWool, expects 2011 revenue of US$1.6 billion, more than half of which is generated internationally.
The parties expect the deal to close in the third quarter and add about US$700 million to VF's 2011 revenue.
The deal values Timberland at US$43 a share, a 43 percent premium to Friday's closing price of US$29.99 on the New York Stock Exchange.
The companies expect the deal, which was unanimously approved by both boards, to add to VF's earnings per share by 25 US cents in 2011 and by 75 US cents in 2012, including acquisition-related expenses.
Timberland, home to its namesake label and brands such as Mountain Athletics and SmartWool, expects 2011 revenue of US$1.6 billion, more than half of which is generated internationally.
The parties expect the deal to close in the third quarter and add about US$700 million to VF's 2011 revenue.
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