PPR, the French luxury and sports lifestyle company, has obtained 87.4 percent of Volcom's issued and outstanding shares at a price of $24.50 per share in cash, after the extension of its offering period until June 22. PPR intends to exercise the top-up option to purchase more shares directly from the American action sports company, to obtain ownership of 90 percent of its shares. PPR may then complete its acquisition of the remaining shares of Volcom through a short-form merger of Transfer Holding, the wholly owned PPR subsidiary that formally issued an offer for Volcom, with and into Volcom itself. Volcom will then be an indirect wholly owned subsidiary of PPR. Under the rules of the short-form merger, any remaining Volcom shares will be exchanged for $24.50 in cash, and Volcom will be delisted from the Nasdaq Stock Market.

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