K2 will acquire the company in a stock deal valued at $14.3 million.
K2 design, manufacture, and market brand name sporting goods and other recreational products, including Olin alpine skis, K2 snowboards, boots, and bindings, K2 in- line skates, Stearns sports equipment, Shakespeare fishing tackle, K2 bikes and Dana Design backpacks.
Said Richard M. Rodstein, president and chief executive officer of K2 Inc: "This acquisition will enable us to create one of the strongest snowboard organisations in the world,. This is an exciting acquisition of one of the early innovators in the snowboard business. Ride's demonstrated ability to design innovative and high quality snowboards, strap and step-in bindings and snowboards boots and apparel have resulted in upward momentum for its brands in the marketplace. The acquisition creates an opportunity to benefit from the synergistic combination and to leverage each company's strengths in different markets to grow our global presence.''
Under the agreement, K2 would acquire all outstanding common stock of Ride in exchange for shares of K2. Ride shareholders would receive a fraction of a K2 share with an approximate value of $1.00 for each share of Ride stock, the company said.
Snowboard maker Ride Inc have signed a definitive merger agreement with K2, the Los Angeles-based sporting goods company.
