US footwear retailer Payless ShoeSource, Inc. and footwear company The Stride Rite Corporation have signed a definitive agreement under which Payless will acquire Stride Rite for approximately $800 million plus the assumption of Stride Rite debt. The all-cash offer of $20.50 per share represents a 32% premium over Stride Rite's average stock price over the past 90 days and was approved unanimously by the boards of directors of both companies.

Share this story: