2. Nike announced that it would buy Converse, a sports shoe manufacturer, for $305 million, and assume all debts of Converse.
3. Nike is the largest manufacturer of sports shoes in the world. The company said that the acquisition of converse is in line with the company's consistent strategy of acquiring leading brands. Tom clarke, president of the venture capital department of Nike's new business, said in a company statement, "Converse fully meets our acquisition criteria, and its brand assets have the potential to further enhance Nike's revenue and profit prospects.
We believe that the acquisition of converse is completely conducive to creating long-term value for shareholders. Converse is a private company, which is famous for producing basketball shoes. In recent years, the company has achieved a business rebound with its Chuck Taylor, All-Star and Jack purcell product lines. 200 1 1 After years of sales decline, Converse's parent company CVEO filed for bankruptcy protection. At the end of 2002, the investment group owned by marsden Carson, the chairman of the company, acquired the company and issued an initial stock of 86 million US dollars at the end of 2002, which made the company go public.