California clothing manufacturer Quicksilver now owns 95% of Rossignol, which in turn owns Cleveland Golf, Never Compromise, and Fidra by John Ashworth.
The full press release is below:
Quiksilver, Inc. Exceeds 95% Ownership of Rossignol; Launches Mandatory Squeeze Out for Remaining Shares
HUNTINGTON BEACH, Calif.—(BUSINESS WIRE)—Aug. 25, 2005—Quiksilver, Inc. (NYSE: ZQK) today announced that it now owns directly or indirectly over 95% of Rossignol, with over 96% of the voting rights, and has initiated the mandatory squeeze out to acquire the remaining shares. Quiksilver had launched a second tender offer period in July that settled today, resulting in the acquisition of enough shares to push its ownership over the 95% threshold. The Company anticipates completing the acquisition of all remaining shares of Rossignol near the end of September 2005.
Quiksilver, Inc. (NYSE:ZQK) is the world’s leading outdoor sports company, which designs, produces and distributes a diversified mix of branded apparel, wintersports and golf equipment, footwear, accessories and related products. The Company’s apparel and footwear brands represent a casual lifestyle for young-minded people that connect with its boardriding culture and heritage, while its wintersports and golf brands symbolize a long standing commitment to technical expertise and competitive success on the mountains and on the links.
The reputation of Quiksilver’s brands is based on different outdoor sports. The Company’s Quiksilver, Roxy, DC Shoes and Hawk brands are synonymous with the heritage and culture of surfing, skateboarding and snowboarding, and its beach and water oriented swimwear brands include Raisins, Radio Fiji, Leilani and Island Soul. The Rossignol, Dynastar, Lange, Look and Kerma brands are leaders in the alpine ski market, and the Company makes snowboarding equipment under its Rossignol, Dynastar, DC Shoes, Roxy, Lib Technologies, Gnu and Bent Metal labels. The Company’s golf business includes Cleveland Golf, as well as Never Compromise putters and Fidra apparel by John Ashworth. Gotcha is the Company’s surf-based European brand addressing street fashion.
The Company’s products are sold in over 90 countries in a wide range of distribution, including surf shops, ski shops, skateboard shops, snowboard shops, our proprietary Boardriders Club shops, other specialty stores and select department stores. Quiksilver’s corporate and Americas’ headquarters are in Huntington Beach, California, while its European headquarters are in St. Jean de Luz and Voiron, France, and its Asia/Pacific headquarters are in Torquay, Australia.
Forward looking statements:
This press release contains forward-looking statements. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. Please refer to Quiksilver’s SEC filings for more information on the risk factors that could cause actual results to differ materially from expectations, specifically the section titled “Forward-Looking Statements” in Quiksilver’s Annual Report on Form 10-K.
NOTE: For further information about Quiksilver, Inc., you are invited to take a look at our world at http://www.quiksilver.com, http://www.roxy.com, http://www.dcshoecousa.com, http://www.quiksilveredition.com, http://www.hawkclothing.com, http://www.rossignol.com, http://www.dynastar.com, http://www.clevelandgolf.com, and http://www.fidragolf.com.