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Greensboro, N.C.-Based Clothier to Buy Nautica Enterprises.

Publication: Knight Ridder/Tribune Business News
Date: Tuesday, July 8 2003

By Brian Louis, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News

Jul. 8--VF Corp. said yesterday that it has agreed to buy Nautica Enterprises Inc. for $585.6 million in cash to add new clothing brands and increase its presence in department and specialty stores.

VF, based in Greensboro, will pay Nautica shareholders $17 a share in cash, 29 percent more than Nautica's closing price of $13.19 on Thursday. The stock market was closed Friday in observance of Independence Day.

Investors appeared to cheer the purchase. On a day when t

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