From Bloomberg:
“The company (Collective Brands) began yesterday notifying the 20 bidders from the first round whether they would move on to the next, which will comprise about 10 parties, said the people, who declined to be identified as talks are private. Based on bids so far, Collective Brands could get at least $20 a share if the entire business is sold, said one of the people. That would value the Topeka, Kansas-based retailer at about $1.2 billion.
Collective Brands got initial offers from buyout firms TPG Capital and Leonard Green & Partners LP, as well as from rivals such as Wolverine World Wide Inc., Columbia Sportswear Co. (COLM) and Deckers Outdoor Corp. (DECK), the people said. The retailer is keeping at least 10 suitors to have greater choice in a sale, two of the people said.”