Quiksilver May Sell Select Brands
Quiksilver Inc. receives a binding offer from Chartreuse & Mont Blanc for the acquisition of 100 percent of the Rossignol Group. Chartreuse & Mont Blanc, headed by Bruno Cercley, a former CEO of Rossignol, is majority owned by Macquarie Group and supported by a non-voting minority interest by Jarden Corporation.
Robert B. McKnight, Jr., chairman of the board, chief executive and president of Quiksilver Inc., comments, "This offer is a compelling transaction for Quiksilver and represents the culmination of a thorough sale process. Once completed, we can fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC."
The proposed transaction includes the sale of the Rossignol, Dynastar, Look and Lange brands of winter sports equipment and apparel and is consistent with Quiksilver's intention, announced in January 2008, to sell the Rossignol Group to reduce its exposure to the winter sports equipment manufacturing business. The transaction is expected to close in Fall 2008 following receipt of regulatory approval and completion of required employee consultation procedures.
Robert B. McKnight, Jr., chairman of the board, chief executive and president of Quiksilver Inc., comments, "This offer is a compelling transaction for Quiksilver and represents the culmination of a thorough sale process. Once completed, we can fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC."
The proposed transaction includes the sale of the Rossignol, Dynastar, Look and Lange brands of winter sports equipment and apparel and is consistent with Quiksilver's intention, announced in January 2008, to sell the Rossignol Group to reduce its exposure to the winter sports equipment manufacturing business. The transaction is expected to close in Fall 2008 following receipt of regulatory approval and completion of required employee consultation procedures.