Wolverine shares seen up after Collective buy
today Jul 9, 2012
U.S. footwear manufacturer Wolverine World Wide Inc shares could soar following its acquisition of parts of Collective Brands Inc, according to a report in Barron's.
Charles Kantor, portfolio manager at Neuberger Berman, said Wolverine's stock could approach $50 by the first anniversary of the deal's completion, the paper said.
Wolverine shares closed at $38.37 on Friday.
Wolverine in May teamed up with private equity partners to buy Collective Brands, the owner of footwear retailer Payless shoe stores for about $2 billion. Wolverine will take over the Collective's performance and lifestyle group.
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