Japan-based athletic retailer ABC-Mart (TYO:2670) said Friday it has struck a deal to buy U.S.-based footwear maker LaCrosse (NASDAQ:BOOT) for $138 million in cash.
The $20 per share purchase price is an 82 per cent premium to LaCrosse’s Thursday closing stock price.
The company saw its stock skyrocket by more than 81 per cent to hit $19.88 on the Nasdaq.
Founded in 1897, LaCrosse makes mutli-season leather and rubber boots, hunting boots and fire boots.
LaCrosse’s board and some senior management – which collectively hold eight per cent of the footwear company’s stock – have already agreed to tender their shares to the deal.
After the deal’s completion, LaCrosse will become a unit of ABC-Mart and will continue to operate in Portland, Oregon.
The transaction, which is still subject to customary closing conditions, is slated to close by the third quarter 2012.