The Joplin Globe, Joplin, MO


May 1, 2012

Owner of Payless, Stride Rite stores being sold

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.



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A Missouri Senate committee has endorsed a 1-cent sales tax increase to fund transportation projects. The proposed constitutional amendment passed the House earlier this month. If passed by the full Senate, the measure would head to the November ballot for voter approval. Would you vote in favor of it?

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