Pure Fishing takeover moves step closer
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Newell Rubbermaid has cleared another hurdle in its acquisition of the owner of the world’s biggest fishing tackle manufacturer.
It has persuaded more than 90% of the bondholders in the Jarden Corporation, which owns Pure Fishing, to accept an offer to exchange their notes for debt to be issued by the combined company.
Jarden agreed to be acquired by Newell Rubbermaid in December last year in a merger that will create a company with $15 billion in sales.
The acquisition includes Jarden’s Outdoor Solutions segment, which with Pure Fishing and other speciality sporting brands generated $2.74 billion in sales in 2014.
Newell Rubbermaid expects to close the exchange offer on April 14th.