New York City Extreme-sports marketer Adrenalina on Monday released a statement in which it said it would consider removing the board of directors of Pacific Sunwear of California for rejecting its offer to buy the company for $5.00 a share.
“It is unfortunate that PacSun has not embraced our attempts, both public and private, to work cooperatively and engage in a constructive dialogue regarding a potential business combination. The Adrenalina Group is a shareholder of PacSun and intends to significantly increase its position in the near-term,” the company said.
“As we have said previously, Adrenalina reserves the right to pursue all necessary steps to ensure that PacSun shareholders are provided with the opportunity to decide for themselves whether a strategic combination with Adrenalina is in their best interests. We will not stand idly by as the PacSun Board continues to ignore us and as shareholder value continues to erode,” the company said.