K2 sets meeting date for stockholder vote on deal to take company private

By Lisa Kerner

Charlotte, N.C., July 11 - K2 Inc. will hold a special meeting of stockholders at 11 a.m. ET on Aug. 8 to vote on the April 24 plan of merger with Jarden Corp. and its subsidiary K2 Merger Sub, Inc.

The transaction, valued at $15.50 per share, or about $1.2 billion including debt, is expected to close in the third quarter of 2007.

Under the companies' definitive agreement, K2 shareholders will receive $10.85 in cash and 0.1086 of a share of Jarden common stock. If the merger is completed, K2 will become a wholly owned subsidiary of Jarden and K2 common stock will no longer be publicly traded, according to a 424B3 filing with the Securities and Exchange Commission.

Total consideration to be paid to the K2 stockholders is $766.6 million. If all convertible debentures are converted into shares of K2 common stock, $88.5 million will be paid to the K2 convertible debenture holders.

K2's board has unanimously approved the merger agreement and recommends its shareholders do the same.

K2 is a branded consumer products company based in Carlsbad, Calif.

Jarden is a Rye, N.Y., provider of niche consumer products used in and around the home.

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