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BUSINESS BRIEFING / APPAREL

Bid renewed for Pacific Sunwear

October 30, 2008|times wire services

Pacific Sunwear of California Inc., an athletic clothing and equipment retailer, received a higher cash-and-stock bid of $329 million from Adrenalina after rejecting a previous offer as too low.

The new bid, worth $5 a share, is more than the $4.50 proposed last week and 67% above Pacific Sunwear's closing price Tuesday, said Adrenalina, which is based in Florida.

Adrenalina, which recorded sales of $2.3 million in the six months ended June 30, has three stores and five on the way. Anaheim-based Pacific Sunwear, with 1,121 PacSun and One Thousand Steps footwear stores, had $1.45 billion in revenue for the fiscal year that ended in February.

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