Report: Adrenalina Ups Bid for PacSun
New York City Extreme-sports marketer and retailer Adrenalina has once again made an offer for Pacific Sunwear of California Inc., valuing the apparel retailer at about $329 million.
The offer is for $5 a share. PacSun's shares were trading at $3.18 in early afternoon trading.
Adrenalina noted that it has identified strategic partners, wealthy individuals and institutional investors who have expressed a strong interest, as well as commitments in providing the requisite financial support to finalize the transaction.
Miami-based Adrenalina made an unsolicited bid for PacSun on Oct. 20, for $4.50 a share, or about $293 million. PacSun rejected the bid the next day.