The North Face parent to buy Timberland

@CNNMoney June 13, 2011: 8:18 AM ET

NEW YORK (CNNMoney) -- Apparel company VF Corp. has signed a deal to buy The Timberland Co. for more than $2 billion, the companies said Monday.

VF (VFC, Fortune 500), which already has outdoor and casual-theme brands like The North Face and Vans, has agreed to buy Timberland for $43 a share.

Timberland's (TBL) stock surged more than 40% on the news in premarket trading.

VF Chief Executive Eric Wiseman said, "VF will benefit from Timberland's rugged outdoor footwear expertise, international penetration in markets such as Japan and leadership position in sustainability."

The companies said the merger agreement was approved by their boards of directors. The deal will require shareholder and regulatory approval. To top of page

CNNMoney Sponsors
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.