Garment Manufacturer VF Agrees To Buy Timberland For $2 Billion 200 Million
Beijing time June 13th evening news, famous
VF said the deal would make Timberland part of its outdoor brand business, and VF said its outdoor sports business would create more than 50% of the company's revenue. VF's takeover bid for Timberland was $43 per share, a premium of 43.4% compared to its closing price last Friday.
VF, headquartered in Boluo, North Carolina, says the two companies' board has approved the deal. VF expects the deal to end in the third quarter of this year.
Timberland expects its revenue in the 2011 fiscal year to be US $1 billion 600 million. VF said the transaction is expected to increase the company's earnings per share in the 2011 fiscal year by 25 cents and increase its revenue by $700 million.
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