Collective Brands Inc. (PSS) announced that the U.S. Federal Trade Commission has granted early termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act in connection with the Company's previously announced definitive agreement under which it will be acquired by a consortium comprised of Wolverine World Wide Inc. (WWW), Blum Capital Partners and Golden Gate Capital for $21.75 per share in cash, or a total of approximately $2.0 billion, including the assumption of debt.
As Previously announced, Wolverine will acquire Collective Brands' Performance + Lifestyle Group, which includes the wholesale and retail operations of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands, and investment firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International, which together will operate as a standalone entity.
The transaction, which was announced on May 1, 2012, is subject to certain other customary closing conditions, including the approval of Collective Brands' stockholders.
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