Friday, July 6, 2012

Japan's ABC Mart to buy U.S. LaCrosse Footwear (Nasdaq: BOOT) for $137 mln

Japan's ABC Mart to buy U.S. LaCrosse Footwear (Nasdaq: BOOT) for $137 mlnPalm Beach, FL 7/6/12 (StreetBeat) -- Japanese shoe store operator ABC Mart Inc said on Friday that it will buy U.S. outdoor recreational shoe maker LaCrosse Footwear Inc (Nasdaq: BOOT) for $137 million in a friendly takeover as it expands in North America and Europe.

Flush with cash and fuelled by a strong yen and a stagnant home market, Japanese companies are hunting for growth through acquisitions abroad.

ABC Mart, which has been building its presence in South Korea and Taiwan, will formally offer to buy all LaCrosse shares by July 19 for $20 per share in the all-cash deal. That's a premium of 82 percent to the shoe maker's closing price of $10.98 on Thursday.

LaCrosse, whose shares have tumbled by a quarter in the past year, owns the Danner brand and specialises in hiking and hunting boots, and supplies the military, law enforcement and mining sectors.

ABC Mart shares fell 0.3 percent to 3,035 yen on Friday, in line with the 0.4 percent decline in the broad Topix index.

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