NEW YORK —
The owner of 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 Brands Inc., which has been looking for a buyer, has agreed to an offer from a group including Hush Puppies owner Wolverine Worldwide Inc. and two private investment firms.
The buyer, which also includes Blum Capital Partners and Golden Gate Capital, 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.
Topeka, Kansas-based Collective Brands’ stock gained 41 cents, or 2 percent, to $21.18 in morning trading Tuesday.
Collective has about 60.8 million outstanding shares, according to Fact Set.
The companies valued the deal at about $2 billion including debt.
.
Business
Owner of Payless, Stride Rite stores being sold
- Business
-
-
Waiting for word from Bernanke, stocks move higher
It’s all about the Fed. Still.
-
Missouri moves to lift ban on foreign farm owners
Weeks before a Chinese conglomerate agreed to buy Smithfield Foods Inc. in the largest such takeover of a U.S. business, Missouri lawmakers quietly approved legislation removing a ban on foreign ownership of agricultural land.
-
NSA director says plot against Wall Street foiled
The U.S. foiled a plot to bomb the New York Stock Exchange because of the sweeping surveillance programs at the heart of a debate over national security and personal privacy, officials said Tuesday at a rare open hearing on intelligence — a set-piece for supporters of the spying.
-
Chrysler expected to formally refuse Jeep recall
In one of the biggest-ever showdowns between an automaker and the government, Chrysler on Tuesday is expected to file papers explaining its refusal to recall 2.7 million older Jeep SUVs that are at risk of catching fire in rear-end collisions.
-
Woman admits role in prearranged funeral fraud
A St. Louis County woman has admitted to a role in a pre-arranged funeral scam that allegedly bilked customers out of as much as $600 million.
-
Sprint sues to stop Dish Clearwire buyout
Sprint is suing to stop Dish Network’s buyout of wireless data network operator Clearwire. The nation’s third-largest cellphone carrier said the proposed deal violates the rights of Sprint and other Clearwire shareholders.
-
G-8 summit turns focus to clampdown on tax-dodging
World leaders at the G-8 summit declared Tuesday that governments must work together to close loopholes that allow multinational corporate giants to avoid paying taxes in their home countries.
-
Stocks edge higher on home building, low inflation
U.S. stocks were up in early trading Tuesday, boosted by government reports of gains in home construction and low inflation. Expectations that the Federal Reserve will keep in place programs meant to prop up the economy also drove the market higher.
-
With Samsung, Jay-Z’s business continues to boom
He really is more than a businessman.
-
World looks to Bernanke to clarify stimulus plans
Is the era of ultra-low interest rates nearing an end?
- More Business Headlines
-
RAW: NSA Director Says 50 Plots Foiled
Boeing, Airbus Battle for Sales Supremacy
NYC 911 Call Lasts for 8 Hours
Obama: US Has Helped Syrian Rebels
Afghan Forces Take Afghanistan Security Lead
Raw: 100K Protesters Flood Brazilian Streets
California Cops Cruise on Stand-up Paddle Patrol
Transgender Candidate Running in NYC
Obama: NSA Secret Data Gathering 'Transparent'
Man Who Disrupted Flight Ranted About CIA
Feds: 7-Eleven Stores Exploited Immigrants
Fla. Teen Catches Ride With Whale Shark
Iran's Rowhani Urges 'Path of Moderation'
Investigators Probe Origin of Colo. Wildfire
Ex-NFL Star Chad Johnson Out of Jail
Family Tweets Say Kim Kardashian Gives Birth
