Pursuits
VF Rises Most Since 2008 on $1.8 Billion Timberland Purchase
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VF Corp., the world’s largest apparel maker, climbed the most since 2008 in New York trading after agreeing to buy hiking-boot company Timberland Co. for about $1.8 billion.
The per-share price is $43, the companies said today. VF will pay about 12 times Timberland’s earnings before interest, taxes, depreciation and amortization, according to data compiled by Bloomberg. That compares with the 9.7 median multiple in nine shoe and clothing deals since 2006.