Adrenalina may seek to oust PacSun board

By Lisa Kerner

Charlotte, N.C., Dec. 15 - Pacific Sunwear of California Inc. shareholder Adrenalina said it is considering initiating a proxy contest to replace PacSun's existing board.

Adrenalina has been frustrated by PacSun's refusal to discuss a potential business combination and said its initiative has the support of several of PacSun's largest shareholders.

In October, PacSun's board of directors rejected Adrenalina's offer to acquire the company for $5.00 per share, or approximately $329 million. The board rejected Adrenalina's prior $4.50-per-share offer, it was previously reported.

Adrenalina, a Miami-based athletic apparel retailer, is also planning to "significantly increase" its ownership interest in PacSun, a Nov. 20 letter to PacSun chairman and chief executive officer Sally Frame Kasaks said. The letter was made public on Monday.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.