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Puma hails friendly takeover offer from PPR
May 24, 2007, 8:07 GMT
Herzogenaurach, Germany - Puma, the German maker of trendy lifestyle clothing and sports shoes, hailed Thursday its valuation by French luxury goods group PPR in a friendly takeover bid as 'appropriate.'
A statement from the board of Puma, based in the southern town of Herzogenaurach, recommended shareholders accept the 330 euros (443 dollars) offered for the stock.
It said the price was well over the weighted average for Puma stock in the three months before the bid, and investment banks advised that it was an adequate price too.
Early Thursday Puma stock had traded in Germany at 331 euros.
In recent weeks it has spiked as high as 340 euros as markets waited for Puma's pronouncement on the takeover bid.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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