PPR S.A. and Volcom, Inc. Announce Receipt of All Regulatory Approvals in Connection with Tender Offer
10 Juni 2011 - 9:11AM
Business Wire
PPR S.A. (FR 0000121485, PRTP.PA, PPFP) and Volcom, Inc.
(NASDAQ: VLCM) today jointly announced that they have received all
necessary antitrust approvals applicable to PPR’s tender offer for
all of the outstanding shares of common stock of Volcom at a price
of $24.50 per share in cash.
The transaction is subject to the satisfaction of the remaining
customary closing conditions. As previously announced, PPR’s tender
offer for Volcom is currently scheduled to expire at 5:30 p.m., New
York City time, on Thursday, June 16, 2011, unless further
extended.
About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of
premium quality young mens and womens clothing, accessories and
related products. The Volcom brand, symbolized by The Stone, is
athlete-driven, creative and forward thinking. Volcom has
consistently followed its motto of “youth against establishment,”
and the brand is inspired by the energy of youth culture. Volcom
and Electric branded products are sold throughout the United States
and internationally. Volcom’s news announcements and SEC filings
are available through the company’s website at www.volcom.com.
About PPR
PPR nurtures a group of high-growth global brands distributed in
more than 120 countries. Through its Consumer and Luxury brands,
PPR generated revenue of €14.6 billion in 2010, and had
approximately 60,000 employees at December 31, 2010. The PPR
share is listed on Euronext Paris (FR 0000121485, PRTP.PA, PPFP).
To explore the PPR brand universe, please visit
www.ppr.com: the Luxury group (Gucci, Bottega Veneta, Yves
Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander
McQueen and Stella McCartney), Puma, Fnac and Redcats (La Redoute,
The Sportsman’s Guide, The Golf Warehouse …).
Notice to Investors
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 with the SEC 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 tender offer statement (including an
offer to purchase, a related letter of transmittal and other tender
offer documents) and the solicitation/recommendation statement
contain important information that should be read carefully and in
their entirety before making any decision to tender securities in
the tender offer. Volcom stockholders may obtain a free copy of
these materials (and all other tender offer documents filed with
the SEC) on the SEC’s website: www.sec.gov. The Schedule TO
(including the offer to purchase and related materials, and the
Schedule 14D-9, including the solicitation/recommendation
statement, may also be obtained for free by contacting MacKenzie
Partners, Inc., the information agent for the tender offer, at
(800) 322-2885.
Forward Looking Statements
Certain statements either contained in or incorporated by
reference into this announcement and oral statements made from time
to time by representatives of the company are forward-looking
statements that involve risks and uncertainty. Future events
regarding the proposed transactions and Volcom’s actual results
could differ materially from the forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding the combined companies’ plans following, and
the expected completion of, the proposed acquisition. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results and the timing of events to differ
materially from those indicated in such forward-looking statements
and generally include statements that are predictive in nature and
depend upon or refer to future events or conditions. Risks and
uncertainties include the ability of Volcom to complete the
transactions contemplated by the merger agreement, including the
parties’ abilities to satisfy the conditions to the consummation of
the proposed acquisition; the possibility of any termination of the
merger agreement; the timing of the tender offer and the subsequent
merger; uncertainties as to how many of Volcom’s stockholders will
tender their shares of common stock in the tender offer; the
possibility that various other conditions to the consummation of
the tender offer or the subsequent merger may not be satisfied or
waived; the outcome of any legal proceedings that may be instituted
against one or both of PPR and Volcom and others in connection with
the definitive agreement and transactions; risks that the proposed
transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the transaction;
other uncertainties pertaining to the business of Volcom; further
softening of the retail environment, sales of products by key
retailers, changes in fashion trends and consumer preferences,
general economic conditions, including the continuing global
economic uncertainty, the impact of sourcing costs; and additional
factors detailed in Volcom’s public filings with the SEC from time
to time, including Volcom’s most recent Annual Report on Form 10-K
for the year ended December 31, 2010, Quarterly Reports on
Form 10-Q and its subsequently filed SEC reports, each as filed
with the SEC, and additional factors described in PPR’s filings
with the French AMF (Autorité des marchés financiers), in each
case, which contains and identifies important factors that could
cause actual results to differ materially from those contained in
the forward-looking statements. Many of the factors that will
determine the outcome of the subject matter of this communication
are beyond either PPR’s or Volcom’s ability to control or predict.
The reader is cautioned not to unduly rely on these forward-looking
statements. PPR and Volcom expressly disclaim any intent or
obligation to update or revise publicly any forward-looking
statements except as required by law.
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