Adrenalina offers to buy West 49
May 4 (Reuters) - Adrenalina (AENAE.OB), a Miami-based retailer of athletic clothing, said it offered to buy West 49 Inc (WXX.TO) in a cash-and-stock deal valued at about C$35.1 million.
Kurt Ropchan, pro-skater sponsored by West 49 (Photo: www.west49.com)
Adrenalina said it offered to acquire the teenage clothing retailer for a price of 55 Canadian cents a share, consisting of a combination of cash and Adrenalina common stock.
The offer price represents a 62 percent premium to West 49's closing share price on Friday. According to Reuters data, there were 63.8 million West 49 shares outstanding as of Feb. 23.
Shares of West 49 rose 38 percent to 47 Canadian cents Monday afternoon on the Toronto Stock Exchange. Adrenalina shares were up 25 cents at 35 cents in over-the-counter trading.
($1=1.179 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Anne Pallivathuckal)