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Owner of Payless, Stride Rite stores being sold
Collective Brands Inc., which owns the shoe store chains Payless and Stride Rite, is being acquired for about $1.32 billion by a group that includes the owner of Hush Puppies.
Collective, which has been looking for a buyer since August, has agreed to an offer from a group including Hush Puppies owner Wolverine Worldwide Inc. and private investment firms Blum Capital Partners and Golden Gate Capital.
The transaction will split Payless and the company's brand development and licensing arm into a separate company.
The group will pay $21.75 for each Collective Brands share. That is a 5 percent premium to Collective Brands' closing price of $20.77 on Monday. The Topeka, Kan.-based company has about 60.8 million outstanding shares, according to Fact Set. The companies valued the deal at about $2 billion including debt.
Collective Brands shares gained 42 cents, or 2 percent, to $21.19 in morning trading Tuesday after hitting a 52-week high of $21.34 earlier in the session.
