Skechers, the Manhattan Beach Footwear brand, is deprived in an agreement of $ 9.4 billion.
New York 3G Capital investment company acquires the company in a transaction which should end in the third quarter, the company announced on Monday.
Skechers had a market value of around $ 7.4 billion before the agreement was announced.
The evaluation of $ 9.4 billion reflects a price of $ 63 per share when taking into account class A and class B actions.
The actions of the company increased by almost 25% on Monday, but had dropped by 28% for the fence on Friday.
“Skechers is an emblematic brand led by the founder with history of creativity and innovation. We have immense admiration for the company that this team has built and we are impatient to support the next chapter of the company,” 3G said in a statement.
The sales announcement follows a decision by Skechers not to offer full year advice in April, citing “macroeconomic uncertainty from global trade policies”.
President Trump’s aggressive prices had an impact on trade with the main manufacturing centers, including Vietnam and China, where Skechers is a large part of his shoes. Trump has placed a 145% tax on goods imported from China.
It is a story in development. Bloomberg contributed to this report.
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