PacSun rejects $4.50-per-share offer by Adrenalina

By Lisa Kerner

Charlotte, N.C., Oct. 21 - Pacific Sunwear of California, Inc.'s board of directors rejected the unsolicited proposal from Adrenalina to acquire the company, it was announced on Tuesday.

The board believes the offer is not in the best interests of PacSun's shareholders, a company news release said.

Adrenalina proposed buying PacSun for $4.50 per share in a cash and stock transaction Monday.

It was previously reported that Adrenalina said it took its proposal directly to PacSun's board and shareholders because PacSun chief executive officer 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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