PacSun calls Adrenalina's efforts to buy company a 'distraction'

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Pacific Sunwear of California Inc. said Adrenalina's pursuit of a business combination with PacSun is a distraction to the company's management and employees.

PacSun chairman and chief executive officer Sally Frame Kasaks also disagreed with Adrenalina's claim that a majority of PacSun shareholders would support a business combination with the Miami-based athletic apparel retailer.

Kasaks made her remarks in a Dec. 15 letter to Adrenalina.

As previously reported, Adrenalina is considering initiating a proxy contest to replace PacSun's existing board due to PacSun's refusal to discuss a potential business combination.

PacSun's board of directors rejected Adrenalina's offers to buy the company for $5.00 per share and $4.50 per share.

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

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