VF Buys Nautica
Greensboro, N.C.–based VF Corp. announced plans to purchase New York–based Nautica Enterprises Inc. for approximately $585.6 million. VF has agreed to pay Nautica shareholders $17 per share and approximately $14.6 million to cash out employee stock options. Nautica Vice Chairman David Chu will remain with the Nautica brand and oversee global design, product development and marketing. The deal brings VF’s denim brands Lee and Wrangler under the same umbrella as Nautica’s Earl Jean brand, which it purchased in 2001.
