Oscar Gruss Downgrades Collective Brands (PSS) to Hold; Announced Acquisition Deal

Oscar Gruss downgraded Collective Brands (NYSE: PSS) from Buy to Hold, price target raised from $21.50 to $21.75.

Analyst, Bill Kavaler, said, "PSS announced that it had agreed to be acquired for $21.75/share in cash by a consortium formed by Wolverine Worldwide, Inc. (NYSE: WWW), and private equity firms Blum Capital Partners and Golden Gate Capital. Once the transaction closes, WWW will acquire PSS’s Performance and Leisure Group (“PLG”), which markets Sperry TopSiders, Keds, Saucony and Stride-Rite, and the PE firms will own the Payless retail chain and PSS’s licensing business...We do not anticipate a competing bid, particularly as press reports detailed that PSS management conducted a thorough auction."

For an analyst ratings summary and ratings history on Collective Brands click here. For more ratings news on Collective Brands click here.

Shares of Collective Brands closed at $21.25 yesterday.

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