Adrenalina announced in a filing with the Securities & Exchange Commission that Jeffrey Geller, president and chief operating officer, has left the company to pursue other interests
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Just days after Canadian action sports retailer West 49’s CEO Sam Baio told shareholders that Adrenalina’s bid to take over the company appeared to be dead, Adrenalina’s CEO fired back that he’s still on the hunt.
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Adrenalina made its play for PacSun, then went away, and is now back with an unsolicited offer to buy West49. On May 5th West49 rejected the offer. The rejection was hardly a surprise given the information available on Adrenalina, and I thought it might be interesting to take a closer look at what we know about them.
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It took West 49’s board exactly one day to unanimously reject Adrenalina’s proposal.
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After Pacsun sent them packing, Adrenalina has set its sites on Canadian retailer West 49.
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Pacific Sunwear announced today that Adrenalina has withdrawn its nominations of four director candidates for PacSun’s board of directors, effectively ending the proxy battle that Adrenalina had been pursuing.
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Pacific Sunwear Of California, Inc. (PSUN) just released an official response letter to Adrenalina Chairman and CEO, Ilia Lekach. Lekach wrote a letter to PacSun CEO Sally Frame Kasaks initiating a proxy contest, demanding Kasaks’ resignation, and nominating four board members on February 12.
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Adrenalina announced Wednesday, February 12, that it has nominated four director candidates for election to the Pacific Sunwear board, according to an article published on Businesswire.com. Adrenalina also sent a letter to PacSun Chairman and CEO Sally Frame-Kasaks, calling the company out for not accepting Adrenalina’s offer to buy the company at $5 per share, and for ignoring its pleas to discuss ideas for enhancing shareholder value, according to the report. Adrenalina owns 2,097,313 shares in the aggregate, or approximately 3.2% of PacSun’s shares. The letter also calls for Frame-Kasaks’ immediate resignation. Here’s a direct excerpt from the letter, as published on Businesswire.com:
“For a Company whose focus is on “cost reduction actions,” we note that you continue to handsomely reward yourself with compensation. You conveniently say that the Company needs to “be prudent” in managing its costs. Why haven’t you reduced your take-home salary significantly? We were not surprised to see management and the Board take such a self-serving position, considering the ease with which management has generated cost savings by eliminating a vast number of corporate positions while presumably leaving its own bloated compensation intact. As an example, we note that your compensation in 2007 was over $3 million, more than 60% of the estimated savings achieved by the Company’s recent elimination of 47 positions at its Anaheim headquarters and 10 field management positions. This Board and management team collectively own just over 1% of the outstanding shares and therefore have no significant ownership stake. Clearly, while stockholders have suffered mightily, the wallets of this Board and management team with little “skin in the game” have gotten fatter. ”
Read the entire press release and letter HERE.
Starting in October 2008, Adrenalina put an offer out to acquire Pacific Sunwear for $4.50 per share. PacSun declined to participate in any such discussions. Now, several months later, Adrenalina continues to push the issue, according several stories published this morning.
Here’s an excerpt from a letter Adrenalina included in a press release the company issued today. The letter is addressed to to PacSun’s Chairman and CEO, Sally Fram Kasaks, and was published today at Marketwatch.com. The letter requested that PacSun’s board of directors meet with Adrenalina representatives to discuss merging the two companies:
“We believe the experience of our management team at Adrenalina working with PacSun will allow us to capitalize on several important business synergies, including a combination of PacSun’s substantial store footprint with our proven entertainment retailing concept, and create a more efficient and competitive company that is better equipped to deliver value in this challenging economic environment.”
Read the entire letter HERE.
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