Goodyear’s Purchase APPROVED by EU and Another Stock Spiking to 52-Week Highs
Lacrosse Footwear (NASDAQ:BOOT) shares jumped on word that the U.S. outdoor recreational shoe maker has been acquired by ABC-MART, a Japanese shoe store operator, for about $138 million. The transaction will consist of a tender offer to buy all LaCrosse shares for $20 per share in the all-cash deal, which represents a premium of 82 percent to LaCrosse Footwear’s average closing stock price during the last 30 days and the same over the closing price on July 5. The company was advised by Wells Fargo (NYSE:WFC) and Garvey Schubert Barer, and will now become a wholly-owned subsidiary of ABC-MART upon completion of the purchase. Shares closed up 81.06 on the day at $19.88, having been traded between $10.33 and $14.39 the past 52 weeks.
Goodrich Corppration’s (NYSE:GR) acquisition by United Technologies Corp. (NYSE:UTX) for $16.5 billion is expected to be okayed by the European Commission, following agreement of the former to divest assets in the U.S. and U.K., say sources to Reuters. Shares closed up 0.01 percent on the day at $127.12, having traded between $80.07 and $127.11 in a 52-week range.
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