UPDATE: Wolverine Worldwide (WWW), Blum Capital, Golden Gate to Buy Collective Brands (PSS) for $21.75/Share in Cash

(Updated - May 1, 2012 9:31 AM EDT)

A consortium comprised of Wolverine Worldwide (NYSE: WWW), Blum Capital Partners and Golden Gate Capital announced they will acquire Collective Brands (NYSE: PSS) for $21.75/share in cash, or a total of approximately $2.0 billion, including the assumption of debt.

Upon closing, which is expected to occur late in the third quarter or early in the fourth quarter of the current calendar year, Wolverine Worldwide will acquire Collective Brands’ Performance + Lifestyle Group (PLG), which includes the wholesale and retail operations of the Sperry Top-Sider®, Saucony®, Stride Rite® and Keds® brands, and will continue to operate out of Lexington, Massachusetts. PLG had revenue of more than $1 billion in the fiscal year ended January 31, 2012.

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