Sports-themed clothing company Volcom (VLCM) has agreed to be acquired by French luxury clothing company PPR for $24.50 per share, or about $608 million.
The offer is a 24% premium over Volcom’s closing price Friday.
PPR will be strengthening its action sports portfolio, which include Puma, with the acquisition.
Volcom offers surfing, skating and snowboarding themed clothing and accessories. It will become part of PPR’s sports an lifestyle unit up the close of the deal.
Volcom shares are trading up over 23.7% Monday.
Fellow surf, skate and snowboard-themed rival Quiksilver (ZQK) is trading up over 1.1% Monday, while beach and surf-inspired Pacific Sunwear (PSUN) trades down 1.9%.
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