PPR Completes Volcom Tender Offer

volcom-stone-logojpgPPR S.A. announced Friday it had completed the tender offer made to purchase all outstanding common shares of Volcom, Inc. (NASDAQ: VLCM) for $24.50 per share in cash. The offer expired at 5:30 p.m., New York City time, on Thursday, June 16, 2011.

According to the release:

Based on preliminary information from Computershare Trust Company, N.A., the depositary for the offer, as of the expiration of the initial offering period of the tender offer, approximately 14,686,156 shares were validly tendered and not withdrawn in the tender offer, representing approximately 72.3% of Volcom’s issued and outstanding shares, giving PPR control of Volcom.

In addition, the depositary has received commitments to tender approximately 4,714,540 shares in accordance with guaranteed delivery procedures, which, when combined with the shares tendered and not withdrawn from the tender offer, represent approximately 91.6% of Volcom’s issued and outstanding shares. All validly tendered shares have been accepted for payment, which will be made in accordance with the terms of the tender offer.

PPR today also announced that it, through its wholly owned subsidiary, has commenced a subsequent offering period to acquire the remaining shares of Volcom common stock, including those shares tendered pursuant to guaranteed delivery procedures. The subsequent offering period will expire at 5:30 p.m., New York City time, on Wednesday, June 22, 2011, unless extended.

During this subsequent offering period, holders of shares of Volcom common stock who did not previously tender their shares into the tender offer may do so, and PPR will promptly purchase any shares properly tendered for the same consideration (without interest) paid in the initial offering period of the tender offer.

Advisors

Peter J. Solomon Company is acting as financial advisor, and Wachtell, Lipton, Rosen & Katz is acting as legal advisor, to PPR.

Important Information

This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer is being made pursuant to a tender offer statement on Schedule TO filed by PPR on May 11, 2011, as amended through the date of this release. Volcom has filed a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer on May 11, 2011, as amended through the date of this release.

The Schedule TO (including the offer to purchase, related letter of transmittal and other tender offer documents) and the Schedule 14D-9 contain important information that should be ready carefully and entirely before making any decision to tender securities into the tender offer.

Volcom stockholders may obtain a free copy of these materials on the SEC’s website at www.sec.gov. or by contacting the information agent for the tender offer, MacKenzie Partners, Inc., at 105 Madison Avenue, New York, New York 10016 or by calling (212) 929-5500 (collect) or (800) 322-2285 (toll-free).

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