Columbia Sportswear Company (NASDAQ:COLM), a leading innovator in the
global outdoor apparel, footwear, accessories and equipment industries,
today announced that on May 12th the U.S. Federal Trade
Commission granted early termination of the required waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) with
respect to the company’s previously announced proposed acquisition of
prAna Living, LLC from majority owner Steelpoint Capital Partners and
all other minority members for $190 million in cash.
Early termination of the HSR Act waiting period satisfies one of the
conditions to the closing of the transaction, which is expected to occur
during the second quarter of 2014, subject to the satisfaction of other
customary conditions.
About Columbia Sportswear
Columbia Sportswear Company is a leading innovator in the global outdoor
apparel, footwear, accessories and equipment industry. Founded in 1938
in Portland, Oregon, our products are sold in approximately 100
countries and have earned an international reputation for innovation,
quality and performance. Our products feature innovative technologies
and designs that protect outdoor enthusiasts from the elements, increase
comfort, and make outdoor activities more enjoyable. In addition to the
Columbia® brand, Columbia Sportswear Company also owns the outdoor
brands Mountain Hardwear®, Sorel®, Montrail® and OutDry®. To learn more,
please visit the company’s websites at www.columbia.com,
www.mountainhardwear.com,
www.sorel.com,
www.montrail.com
and www.outdry.com.
About prAna
prAna is a lifestyle apparel brand that draws its name from the ancient
Sanskrit word for breath, life and vitality of the spirit. The prAna
team creates mindfully designed, purposeful and stylish clothing for
free-spirited people to pursue their passions from the mountains to the
beach. Since its founding in 1993, prAna has been committed to
sustainable practices in both its operations and supply chain, working
to reduce its impact on soils, water supplies and other natural
resources while promoting conservation. prAna is also conscious of its
impact on communities and has worked to include a growing number of fair
trade styles every year. It is the first apparel company in North
America to offer Fair Trade USA-certified products and
accessories. prAna is sold in five flagship stores, online at prana.com,
and in 1,400 specialty retailers across the US, Canada, Europe and Asia.
To learn more, visit www.prana.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of
the federal securities laws, including statements regarding the expected
closing of the prAna acquisition. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions (“Risk Factors”) that are difficult to predict with regard
to timing, extent, likelihood and degree of occurrence. Therefore,
actual results and outcomes may materially differ from what may be
expressed or forecasted in such forward-looking statements. Risk Factors
include, among others: the possibility that the prAna acquisition does
not close successfully; the ability to combine Columbia’s business
operations with prAna’s successfully or in a timely and cost-efficient
manner; the degree of business disruption to Columbia and/or to prAna
that may result from the acquisition and related integration efforts;
loss of key customer accounts; and the ability to successfully develop
prAna’s brand and business globally. Additional risk factors are
discussed in the Company’s reports filed with the Securities and
Exchange Commission and exhibits thereto. The company cautions that
forward-looking statements are inherently less reliable than historical
information. The company does not undertake any duty to update any of
the forward-looking statements after the date of this document to
conform them to actual results or to reflect changes in events,
circumstances or its expectations. New factors emerge from time to time
and it is not possible for the company to predict all such factors, nor
can it assess the impact of each such factor or the extent to which any
factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement.
Copyright Business Wire 2014