By Lisa Kerner
Charlotte, N.C., April 12 - Cutter & Buck Inc. signed a definitive agreement to be acquired by New Wave Group AB (publ) for $14.38 per share in a transaction valued at $156.5 million.
The boards of both companies have unanimously approved the transaction, expected to close by the end of May, according to a company news release.
"The two companies' brands are very complementary, allowing us to expand the distribution of Cutter & Buck's brands in Europe and the New Wave Group's brands in the United States," New Wave deputy chief executive officer Goran Harstedt said in the release.
"Moreover, we expect to reach substantial synergies within buying, products and distribution."
Seattle-based Cutter & Buck Inc. designs and markets upscale sportswear
New Wave is a Swedish marketer of consumer products for the corporate promotional and consumer retail markets in Europe.
| Acquirer: | New Wave Group AB (publ)
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| Target: | Cutter & Buck Inc.
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| Transaction total: | $156.5 million
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| Payment per share: | $14.38
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| Announcement date: | April 12
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| Expected closing: | By the end of May
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| Stock price for target: | Nasdaq: CBUK: $11.63 on April 11
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