West 49 Rejects Adrenalina’s Purchase Offer
mike lewis
- May 05 2009
- 417 views
- 7 comments
After Pacsun shrugged Adrenalina’s takeover bid off, the Florida based action sports retailer rebounded with an offer to purchase the Pacsun of Canada, West 49, with a similar result.
West 49’s board responded one day after Adrenalina issued a press release with an unsolicited offer to buy the Canadian retailer by unanimously rejecting Adrenalina’s proposal.
According to West 49’s release:
West 49 Inc.'s board of directors has unanimously rejected the
unsolicited proposal as it does not believe that pursuing Adrenalina's
proposal is in the best interests of West 49 Inc. or its shareholders. The
board of directors noted that Adrenalina is an unlisted U.S. public company
that has recently indicated that it does not have the financial resources to
file its legally required annual report, that has an unproven business model
and operates a very small number of highly expensive retail stores in the
U.S., and that has recently made a similar and unsuccessful unsolicited
attempt to acquire Pacific Sunwear of California, Inc.
West 49 Inc. affirms that it has had no prior discussions with Adrenalina
regarding this or any other type of potential transaction and is not aware of
any interest previously expressed by Adrenalina in West 49 Inc.'s business.
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