Collective Brands (PSS) May Get Bought For $16.50/Share, Post Says

December 5, 2011 8:27 AM EST
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Shares of Collective Brands, Inc. (NYSE: PSS) are higher early Monday following reports in the New York Post the company is attracting takeover interest from private equity firms and rivals.

The owner of the Payless shoe store chain has opened its books to prospective buyers, the Post reported.

A banker briefed on the matter said there is optimism about the prospects of a deal and he thinks "this is a deal that will get done."

The company could fetch as much as $1 billion in a deal, the Post said. This would equate to roughly $16.50 per share.

Shares of PSS last traded at $14.30 in pre-open action Monday, up 4 percent from Friday's close.

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