Footwear brand Skechers to be taken private in $9 billion deal
(Reuters) -Footwear company Skechers (SKX) said on Monday it had agreed to be acquired by investment firm 3G Capital in a deal worth $9.4 billion.
3G Capital, a buyout firm controlled by Brazilian billionaire financier Jorge Paulo Lemann, has offered to pay $63 per Skechers share in cash, a 28% premium to the stock's Friday close.
Shares of the company jumped nearly 26% to $62.10 in premarket trading after the announcement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Tata Motors to expand EV and vehicle portfolio with $4.1bn investment
Tata Motors has reportedly announced plans to invest up to Rs350bn ($4.1bn) over the next five years. This substantial investment aims to solidify the company's position in India's rapidly evolving electric vehicle (EV) market and expand its current vehicle lineup. The investment will see Tata Motors nearly double its model offerings from eight to fifteen, including the introduction of additional EVs and compressed natural gas (CNG) vehicles, reported Reuters. The company's investor day presentation also highlighted plans to enhance the technology features of their vehicles. India, currently the world's third-largest car market, is setting the stage for stricter emission norms from 2027 and is targeting EVs to account for 30% of all car sales by 2030. Despite not disclosing its investment plan for the year to March 2026, Tata Motors previously indicated that the domestic businesses, including commercial vehicles, would see a capital expenditure of about Rs80bn. Competition in the combustion engine market is intensifying, with rivals such as Mahindra & Mahindra overtaking Tata in sales. Furthermore, MG Motor has been challenging Tata's dominance in the EV sector with its "Windsor" model, which has outsold Tata's offerings since late last year. Nevertheless, Tata Motors is maintaining its ambitious target of a 16% market share by March 2027, with aspirations to reach between 18% and 20% by March 2030. However, the company reported a 6.15% decline in total sales across domestic and international markets, with 72,753 units sold in April 2025 compared to 77,521 units in April 2024. This downturn includes a 7% drop in domestic sales and an 8% decline in commercial vehicle sales. "Tata Motors to expand EV and vehicle portfolio with $4.1bn investment" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 minutes ago
- Yahoo
Moelis CEO-designate joins Wall Street in signaling dealmaking rebound after tariff pause
By Manya Saini (Reuters) -Moelis' incoming CEO Navid Mahmoodzadegan told investors on Tuesday that he is optimistic about the dealmaking environment, as confidence returns following a pause in April triggered by U.S. tariff threats. "I'm optimistic. It definitely feels better and better each day ... The announcement in April, I think set us back a little bit in terms of the M&A environment," he said at the Morgan Stanley U.S. Financials Conference. Investor sentiment soured and stock markets slid after U.S. President Donald Trump's "Liberation Day" tariff threats, stalling risk appetite and slowing deal activity. Appetite for deals has since returned, with market participants and bankers once again seeing an opening for initial public offerings and signs of a pickup in M&A activity. "Everywhere I go, people want to transact. They want to lean into transactions, whether it's companies or private equity firms or capital providers," Mahmoodzadegan said. "We're seeing our clients push us to launch transactions, even if the environment isn't crystal clear." Earlier this week, Moelis said Ken Moelis would step down as CEO of the investment bank and hand the reins to Mahmoodzadegan, its co-founder and co-president. The succession marks a major step for the bank, which has been led solely by Ken Moelis since its founding in 2007. While succession at companies closely tied to founding CEOs can be challenging due to their outsized personal influence, Mahmoodzadegan said it was part of the "natural evolution of the firm." "I think Ken felt that even though he's fully active and will continue to be fully active with clients going forward ... this was a great opportunity at a great time to give more responsibility, not just to me, but to the next generation of bankers," Mahmoodzadegan added. The bank's deal pipeline currently is up from April and is as high as "it's ever been at the firm, or close to it," the CEO-designate said. The comments echo Morgan Stanley CEO Ted Pick's expectation of a strong end of the quarter for the bank as dealmaking and the calendar for equity capital markets are picking up. Last week, top executives at the New York Stock Exchange and Nasdaq also said the IPO market is gaining momentum despite the Trump administration's rapidly shifting tariff policy, adding to the industry's optimism about a meaningful recovery.
Yahoo
34 minutes ago
- Yahoo
Judge rejects class action for Google privacy lawsuit
By Jonathan Stempel (Reuters) -People who accused Google of illegally collecting their personal information, after they chose not to synchronize their Google Chrome browsers with their Google accounts, cannot sue the Alphabet unit as a group in a class action, a U.S. judge ruled. In a decision on Monday, U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California agreed with Google that it was appropriate to address case-by-case whether millions of Chrome users understood and agreed to its data collection policies. "Inquiries relating to Google's implied consent defense will overwhelm the damages claims for all causes of action," Rogers wrote. She dismissed the proposed damages class action with prejudice, meaning it cannot be brought again. The judge also said Chrome users cannot seek policy changes as a group. David Straite, a lawyer for the plaintiffs, declined to comment on Tuesday. Sandi Knight, vice president of litigation at Google, in a statement said the company appreciated the decision, and that Chrome Sync has "clear privacy controls." Class actions let plaintiffs seek potentially greater recoveries at lower cost than they could in individual lawsuits. The decision followed a ruling last August by the federal appeals court in San Francisco, which said Rogers should consider whether reasonable Chrome users consented to letting Google collect their data when they browsed online. Chrome users pointed to Chrome's privacy notice, which said they "don't need to provide any personal information to use Chrome" and Google would not collect such information unless they turned on the "sync" function. Rogers had dismissed the case in December 2022. She said she oversees two other privacy cases against Mountain View, California-based Google, but the claims in those cases differed "significantly." The appeals court ruling followed Google's 2023 agreement to destroy billions of records to settle a lawsuit claiming it tracked people who thought they were browsing privately, including in Chrome's "Incognito" mode. The case is Calhoun et al v Google LLC, 9th U.S. Circuit Court of Appeals, No. 22-16993.
