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

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