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Anaheim, Calif. Pacific Sunwear of California said Tuesday that its board of directors has rejected an unsolicited stock-repurchase bid from extreme sports marketer Adrenalina.
On Monday, Adrenalina offered Pacific Sunwear a $4.50-per-share cash and stock bid that would cover all of the retailer’s issued and outstanding shares of common stock. Pacific Sunwear’s board rejected the unsolicited offer, reporting it is not in the best interest of the company’s shareholders, according to a company statement.