While Jarden Corporation completes the purchase of K2 for approximately $1.2 billion, including the assumption or repayment of indebtedness, Zebco W.C. Brandley, a rod and reel company, has signed a deal to purchase the Cajun Red, Omniflex, Supreme and Outcast fishing line brands from Shakespeare for an undisclosed amount.
K2, parent company of Shakespeare, had received the U.S. Federal Trade Commission’s clearance to be acquired by Jarden Corporation, owner of Coleman and Pure Fishing, on the condition that it divested these four line brands, owned by Shakespeare. Zebco says the existing inventory will be moved through the distribution channels before the four new brands become visible to consumers under the new ownership.
Jarden entered into a definitive agreement on Apr. 24 to acquire all of the outstanding shares of K2. As part of the transaction, K2 shareholders received 0.1118 of a share of Jarden common stock plus $10.85 in cash for each K2 share held at closing. Jarden will integrate K2’s operations into its Outdoor Solutions division. K2’s operations include important brands such as Shakespeare, Marmot, Penn, Völkl and Worth.
