Garment Manufacturer VF Agrees To Buy Timberland For $2 Billion 200 Million
famous
clothing
Manufacturer VF group said Monday that the company intends to buy over $2 billion 200 million.
Climbing shoes
And outdoor products manufacturer Timberland Co, VF's brand includes famous jeans brand Wrangler, men's wear.
brand
Nottica (Nautica) and famous outdoor sports brand The North Face.
VF said that the paction would make Timberland its own.
outdoors
VF, a part of the sports brand business, said its outdoor sports business would create more than 50% of the company's revenue.
VF's takeover bid for Timberland was $43 per share, a premium of 43.4% compared to its closing price last Friday.
VF, headquartered in Boluo, North Carolina, says the two companies' board has approved the deal.
VF expects the deal to end in the third quarter of this year.
Timberland expects its revenue in the 2011 fiscal year to be US $1 billion 600 million.
VF said the paction is expected to increase the company's earnings per share in the 2011 fiscal year by 25 cents and increase its revenue by $700 million.
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