Davis Polk is advising VF Corporation on its acquisition of The Timberland Company. VF will pay Timberland shareholders $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired. The acquisition, which is expected to close in the third quarter, was unanimously approved by both companies’ boards of directors. The transaction is subject to customary conditions, including receipt of Timberland stockholder approval and applicable regulatory approvals.
VF Corporation is a global leader in branded lifestyle apparel with more than 30 brands, including Wrangler, The North Face, Lee, Vans, Nautica, 7 For All Mankind, Eagle Creek, Eastpak, Ella Moss, JanSport, lucy, John Varvatos, Kipling, Majestic, Napapijri, Red Kap, Reef, Riders and Splendid. Timberland is a global leader in the design, engineering and marketing of premium-quality footwear, apparel and accessories for consumers who value the outdoors and their time in it.
The Davis Polk corporate team includes partners George R. Bason Jr. and Marc O. Williams, associates William J. Chudd, Jacqueline M. Pace and Shingira Masanzu and summer associates Christopher M. Bezeg, Beth M. Bates and Amir Nezar. The benefits team includes partner Kyoko Takahashi Lin and foreign temporary associate Hendrik Bockenheimer (admitted only in Germany). Partner Ronan P. Harty and counsel Stephen M. Pepper are providing antitrust advice. Partner Kathleen L. Ferrell is providing tax advice. Members of the Davis Polk team are based in the New York office.
