NEW YORK (AP) — The owner of the shoe store chains Payless and Stride Rite is being acquired for about $1.32 billion by a group that includes the owner of Hush Puppies.
Collective Brands Inc., which has been looking for a buyer, has agreed to an offer from a group including Hush Puppies owner Wolverine Worldwide Inc. and two private investment firms.
The buyer, which also includes Blum Capital Partners and Golden Gate Capital, will pay $21.75 for each Collective Brands share. That is a 5 percent premium to Collective Brands' closing price of $20.77 on Monday.
Topeka, Kansas-based Collective Brands' stock gained 41 cents, or 2 percent, to $21.18 in morning trading Tuesday.
Collective has about 60.8 million outstanding shares, according to Fact Set.
The companies valued the deal at about $2 billion including debt.