VF pays more than $2.2B Timberland

NEW YORK -- Clothing and footwear maker VF Corp., whose brands include Wrangler, Nautica and The North Face, said Monday it will buy boot and clothing maker Timberland Co. for more than $2.2 billion as it seeks to expand its outdoor offerings.
VF plans to make Timberland part of its outdoor and actions sports business, and it said Timberland's headquarters will remain in Stratham, N.H. With the addition of Timberland, VF's outdoor and action sports business, which also includes Vans, Jansport, Eastpak and other brands, will make up 50 percent of the company's total revenue. They expect that to grow to 60 percent by 2015.
VF is offering $43 for each Timberland share, a premium of 43.4 percent to Timberland's closing price last week.