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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Warnaco Grp. (The) | NYSE:WRC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 73.52 | 0.00 | 01:00:00 |
PVH Corp. (NYSE: PVH) will acquire Warnaco Group, Inc. (NYSE: WRC) in a merger of the two U.S. apparel companies with combined revenue of $8 billion that will bring together brands like Calvin Klein, Tommy Hilfiger, Speedo and Warner's.
Under the deal, which values Warnaco at $2.9 billion, Warnaco common stock holders will get $51.75 in cash and 0.1822 of one PVH Share for each Warnaco share, the two companies said in a joint statement.
PVH expects an accretion of $0.35 per share to earnings in the first full year after the closing of the merger, which is expected in early 2013.
Meanwhile, PVH expects its non-GAAP earnings per share in the third quarter and 2012 to be at least at the top end of its guidance range as previously announced.
Warnaco expects third-quarter net revenues of about $612 million and earnings per share from continuing operations for the period in line with analyst expectations. Warnaco is also reaffirming its previously announced 2012 guidance, excluding one-time costs arising from the merger with PVH.
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