Variflex to Be Bought by Bravo Sports
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Variflex Inc., which sells skateboards featuring images of Shrek and SpongeBob SquarePants, agreed to be bought by closely held Bravo Sports for about $38 million in cash.
Bravo will give Variflex shareholders $7.60 for each share they own, Variflex said. The price is about 2% lower than Moorpark-based Variflex’s closing share price Thursday.
Bravo, based in Cypress, makes components for skateboards and in-line skates. The directors of both companies have approved the acquisition, which is expected to close before December.
Variflex sells in-line skates, skateboards and scooters to retailers. The company’s shares dropped 29 cents to $7.50 on Nasdaq.
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