K2 Inc.

Carlsbad, CA: (Jul-30-07) A settlement was reached in a pending litigation concerning outdoor sporting goods company K2 Inc. and Jarden Corp. In April 2007, Jarden, a diversified consumer products company, decided to acquire K2 in a cash and stock deal valued at about $15.50 per share, or $765.9 million. The settlement agreement made with the City of Roseville Employees Retirement System included K2 making some disclosures about the acquisition, which it has already made in its proxy materials. K2 and Jarden will also change the acquisition agreement to reduce the termination fee payable by K2 to Jarden, if the deal ends under certain circumstances, to $24 million, from $27.5 million. Further, terms of the deal included dismissing a companion case brought by Steamfitters Local 449 Pension & Retirement Security Funds. [FORBES: MERGER TERMINATION]

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Published on Jul-31-07