PPR Group has gone ahead formally with the launch of a cash tender offer for Volcom's shares, making it conditional on obtaining at least a majority of them on a fully diluted basis, as well as approval by antitrust authorities. The price of $24.50 per share is confirmed. The offer is being made through a subsidiary called Transfer Holdings. It will expire on June 9. Meanwhile, PPR's chief executive, François-Henri Pinault, told shareholders at the group's annual meeting a few days ago that the management will take its time and be selective in future acquisitions and divestitures.

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