Keds, Payless Parent Jumps At $2B Takeover Bid

Law360, New York (May 1, 2012, 1:46 PM EDT) -- A planned $2 billion takeover will splinter Collective Brands Inc.'s well-known shoe businesses, including Keds and Payless ShoeSource, between global footwear marketer Wolverine World Wide Inc. and two investment firms, the company said Tuesday.

The $21.75-per-share cash transaction offers a 104 percent premium over average trading prices in the 30 days before Collective Brands in August announced it was conducting a strategic review to boost its bottom line. The groups expect to close the deal — which includes debt — in the last half of the...
To view the full article, register now.