SEC filing prompts renewed speculation of ‘imminent’ Pure Fishing sale
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Work behind the scenes at Newell Brands, through a filing with the US Securities and Exchange Commission (SEC), indicates a major announcement from the group is looming, fuelling speculation that the sale of Pure Fishing is imminent.
Last week Newell Brands, which has deemed Pure Fishing surplus to requirements, filed an 8-K form – a wide ranging device used to report unscheduled events or corporate changes at a company that could be of importance to shareholders. The SEC defines its scope as covering ‘important, but irregular corporate events’.
Last week Angling International reported that, according to an industry insider, a deal for the world’s biggest fishing tackle company is expected to be completed by the end of the month. The latest move by Newell Brands, which acquired the company following its £16 billion purchase of the Jarden Corporation in April 2016, seems to indicate that Pure Fishing is on the brink of being sold.
Fishing Tackle Retailer, the US business magazine for the industry, reports rumours that American Outdoor Brands – formerly known as Smith and Wesson – is favourite to buy the entire division, which has been valued at $624.4 million. However, it adds that Newell Brands has said that American Outdoor Brands is not currently in the sales process.
American Outdoor Brands presented its own SEC in September in which it stated its intention to acquire ‘brands in the fishing realm’ naming rods, reels, lures, storage. lines, tools and gear as future expansion opportunities.
Additional reporting: Fishing Tackle Retailer.