Skechers agreed to be acquired by private equity firm 3G Capital in a $9.42 billion deal, the largest buyout in footwear industry history, according to Reuters. The offer of $63 per share in cash represents a 28% premium to Friday’s close. Skechers stock surged 25% on Monday following the announcement. The move takes the company private after 26 years amid steep U.S. tariffs on Chinese goods, which forced the brand to withdraw its annual forecast in April. Needham analyst Tom Nikic said the deal reflects pressure from rising costs, weaker consumer demand, and China-U.S. tensions.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Skechers agreed to be acquired by private equity firm 3G Capital in a $9.42 billion deal,
00:07largest buy-on in footwear industry history, according to Reuters.
00:11The offer of $6.3 per share in cash represents a 28% premium to Friday's close.
00:16Skechers' stock surged 25% on Monday, following the announcement.
00:19The move takes the company private after 26 years amid steep U.S. tariffs on Chinese goods,
00:24which forced the brand to withdraw its annual forecast in April.
00:27Media analyst Tom Nikik said the deal reflects pressure from rising costs,
00:32weaker consumer demand, and China-U.S. tensions.
00:34For all things money, visit Benzinga.com slash GSTV.