PacSun Rejects Second Bid by Adrenalina

Anaheim, Calif. Pacific Sunwear of California Inc. has rejected a second buyout proposal from Miami's Adrenalina.

The bid, made Wednesday, was for $5 a share, which valued the company at about $329 million.

Adrenalina previously made an unsolicited bid for PacSun on Oct. 20. PacSun rejected the bid the next day. That bid was for $4.50 a share, or about $293 million.

In a statement rejecting the bid, PacSun said, "The company's management, with the full support of the board, is committed to executing on their strategic plan to create long-term shareholder value."

According to a Reuters report, Adrenalina is considering going hostile with the bid, appealing directly to PacSun shareholders.