Fossil (FOSL) Completes $231.7M Cash Acquisition of Skagen Designs

Fossil, Inc. (Nasdaq: FOSL) (the "Company") announced that it has completed, effective April 2, 2012, the previously announced acquisition of Skagen Designs, Ltd. and certain of its international affiliates for $231.7 million in cash, which includes a working capital adjustment of approximately $6.7 million, and 150,000 shares of Fossil, Inc. common stock. In addition, the sellers may receive up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products exceed certain thresholds. Skagen Designs manufactures, markets and distributes watches, jewelry, sunglasses and clocks.

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