NEW YORK (Reuters) – VF Corp (VFC.N), owner of clothing brands such as The North Face and Wrangler jeans, said it would buy shoemaker Timberland Co (TBL.N) for $2 billion to boost its outdoor gear business.
The deal values Timberland at $43 a share, a 43 percent premium to Friday's closing price of $29.99 on the New York Stock Exchange.
The companies expect the deal, which both boards approved unanimously, to add to VF's earnings per share by 25 cents in 2011 and by 75 cents in 2012, including acquisition-related expenses.
via news.yahoo.com
