Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, February 2, 2024

Article Excerpt

WOLVERINE WORLDWIDE INC., $8.57, symbol WWW on New York, is a Michigan-based footwear manufacturer. Its brands include Wolverine Boots and Shoes, Merrell, Sweaty Betty, Hush Puppies, Saucony and Stride Rite. On January 11, 2024, the company announced that it had sold its Sperry brand (best known for boat shoes and loafers) to Authentic Brands Group Inc. and the Aldo group for $130 million. It plans to use the proceeds to pay down its debt. Authentic Brands owns over 50 global brands, including Aeropostale, Brooks Brothers, Eddie Bauer, Hunter, Izod, Nautica, Roxy, Sports Illustrated, etc. In the acquisition of Sperry, Aldo will be its North American operating partner, running Sperry’s wholesale, e-commerce, and store operations, while also contributing to footwear design and other parts of the business. Wolverine originally acquired Sperry, along with Saucony, Stride Rite, and Keds, in 2012. It paid $1.23 billion for the group of brands. It sold off Keds in 2023 for $90 million. In the three months ended September 30,…