Following the news of a merger deal with 3G Capital, Skechers U.S.A., Inc. (NYSE: SKX) shares are rising noticeably. According to the most recent pre-market check, the stock is now worth $61.55, up 24.67%.
The Purchase Contract
A merger deal has been reached between Skechers and 3G Capital, a renowned global investment organization renowned for its owner-operator, long-term investment strategy. According to the deal, 3G Capital will pay $63.00 in cash for each of SKX outstanding shares, which is 30% more than the stock price of the firm as measured by its 15-day volume-weighted average.
A Chronicle of Growth and Innovation
Known for its “Comfort Technology” and commitment to providing quality, comfort, and design at affordable prices, Skechers has grown significantly over the past three decades.
With $9 billion in sales annually, the company has built a loyal customer base and a strong distribution network, positioning it as one of the largest founder-led consumer products companies globally. A commitment to providing comfort-driven goods and constant innovation have propelled our outstanding track record.
Strategic Vision for the Future Under New Ownership
Skechers is starting a new chapter with the acquisition by 3G Capital. SKX will keep pursuing its strategic goals, including growing its global footprint, boosting direct-to-consumer sales, and improving its distribution capabilities, even with the ownership change.
The current leadership, which consists of Chairman and CEO Robert Greenberg and President Michael Greenberg, will remain in their roles to ensure continuity in the company’s strategy. Furthermore, Skechers will keep running its business from its headquarters in Manhattan Beach, California, where it was founded more than thirty years ago.
The agreement was unanimously approved by the company’s board of directors, providing the company with a ground-breaking opportunity to further establish itself as a global leader in performance and leisure footwear.
Current shareholders of Skechers will have the option of receiving $57.00 in cash and one unit of unlisted, non-transferable stock in a newly formed, privately held organization that would act as SKX’s parent company once the purchase completes.
