Adrenalina wants to buy PacSun for $4.50 per share

By Lisa Kerner

Charlotte, N.C., Oct. 20 - Adrenalina seeks to acquire Pacific Sunwear of California, Inc. for $4.50 per share in a cash and stock transaction, it was announced on Monday.

Adrenalina said the per-share offer it made to PacSun's board of directors is a 24% premium above the closing price of PacSun common shares of $3.62 (Nasdaq: PSUN) on Friday.

The acquisition would be subject to shareholder approval, execution of a definitive agreement and financing, Adrenalina said.

According to Adrenalina chairman and chief executive officer Ilia Lekach, Adrenalina is taking its proposal directly to PacSun's board and shareholders because PacSun CEO Sally Frame Kasaks has repeatedly declined Adrenalina's prior attempts to enter into discussions.

PacSun is an Anaheim, Calif.-based specialty retailer of action-sport-inspired casual apparel, accessories and footwear for teens and young adults.

Miami-based Adrenalina sells athletic apparel, equipment and accessories.

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