Stride Rite sets Aug. 16 date for shareholder vote on Payless merger

By Lisa Kerner

Charlotte, N.C., July 13 - The Stride Rite Corp. will hold a special meeting of shareholders at 11 a.m. ET on Aug. 16 to vote on the company's proposed acquisition by Payless ShoeSource, Inc.

The shoe retailers, along with Payless subsidiary San Jose Acquisition Corp., entered into a definitive agreement on May 22. Under the agreement, Stride Rite shareholders will receive $20.50 per share in an all-cash transaction valued at $800 million, a schedule 14D filing with the Securities and Exchange Commission stated.

As previously reported, Payless will rename the company Collective Brands, Inc. and, as a holding company, will operate three stand-alone business units.

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