K•Swiss Inc. (KSWS: Quote) announced that it has entered into definitive agreement with and E.Land World Ltd. Under deal, E.Land World will acquire all of the outstanding common stock of K•Swiss for $4.75 per share in cash or a total equity value of about $170 million. The merger, which is expected to close during the second quarter of 2013.
Under deal terms, K•Swiss stockholders will receive $4.75 in cash for each outstanding Class A and Class B share of K•Swiss common stock they own.This represents a 49% premium over the closing price for a share of Class A common stock on the NASDAQ Stock Market on January 16.
E.Land World plans to use existing resources and credit facilities to fund the acquisition.
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by RTT Staff Writer
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