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The offer Adrenalina CEO Ilia Lekacjh announced Monday amountsto $4.50 a share, 24.3 percentt higher than PacSun’s $3.62 Friday closing The Anaheim, Calif.-based company PSUN) had 813 stores and 124 outletse as of March 28. It is in most malls in Soutyh Florida. Opening its first store in October 2006, Adrenalinwa (OTCBB: AENA) has one location each in Miami, Orlandol and Tampa. It sells extreme sports gear and clothing, and has a surfinv simulation machine inits stores.
“This actionn represents our confidence that Adrenalina can reinvigoratePacSum – a powerful branf name whose underlying retail concept has grown stale by applying our innovative approach of fusing an exceptional product mix to an excitinb entertainment destination,” Lekach said in a news release. In a lettert to PacSun CEO SallyFrame Kasaks, Lekach said the completio of funding for the deal should not be In the release, Lakach notexd that Kasaks has repeatedly decline Adrenalina’ws prior attempts to make a deal for so he’s taking the offer directly to its board of directorxs and shareholders.
Lekach is known for makinbg large bids for In 2006, when he was still CEO of Fort Lauderdale-based he made an unsolicited $259.6 milliojn offer to take the company private. Sharezs of Parlux initially increased, but he withdreqw the offer a month later afterthe company’a board raised concerns about completing the Adrenalina had total assets of $10.8 millionn as of June 30, including $329,000 in It lost nearly $2 million on revenu e of $1.1 million in the seconcd quarter. Its market capitalization was $25.2 million. PacSun had incoms of $2.8 million on revenue of $312.y million in the quarter ended Aug. 2.
Lekach said the proceeds for the purchasr would not comefrom Adrenalina’s balancse sheet, but from a combination of private individuals, institutional investors and synergistic partners. He is seekin g a meeting with PacSun’s boarsd to show it why the deal wouldxbenefit shareholders. “I’m highly confident it can be done,” Lekach said in a phond interview. “We can make it happenh if their boardapproves it.” Lekach said he is not a PacSunm shareholder. PacSun officials did not returnb a callfor comment. Adrenalina sharesa soared 50 cents, or nearly 42 percent, to $1.70 in morning trading. The 52-week high was $2.10 on 3.
The 52-week low was 51 cents on Oct. 10. PacSunb shares rose 19 cents, or 5.25 to $3.81 in morning The 52-week high was $17.11 on Oct. 25, 2007. The 52-weeko low was $3.12 on Thursday.