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BUSINESS BRIEFING / RETAIL

Pacific Sunwear rejects rival's bid

October 22, 2008|Times Wire Reports

Pacific Sunwear of California Inc., an athletics-clothing and equipment retailer with more than 1,000 stores, rejected a $296-million bid from Adrenalina, a rival with three stores and five on the way.

The cash-and-stock proposal, worth $4.50 a share, "is not in the best interests of the company's shareholders," Pacific Sunwear said.

Adrenalina Chairman and Chief Executive Ilia Lekach said Pacific Sunwear CEO Sally Frame Kasaks had "repeatedly declined" Adrenalina's attempts to start talks. Lekach described Anaheim-based Pacific Sunwear as "a powerful brand name" whose stores have "grown stale" and said he was attracted by the number of its stores.

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