K-Swiss Inc. announced on Friday that its $170 million merger with South Korean retail conglomerate E. Land World Ltd. has been approved. The cash-for-stock deal was announced in January. E. Land offered $4.75 a share for the Westlake Village maker of casual footwear, a 49 percent premium on the stock price at the time. The company said stockholders controlling 95 percent of shares voted in favor of the merger at a special meeting held Friday. Chairman and Chief Executive Steven Nichols controls nearly 70 percent of shares. The merger is expected to close on or about April 30. The company had been struggling with lower sales, with its shares dropping about 70 percent over the last five years. Under the deal, K-Swiss will operate as a wholly-owned subsidiary of E.Land. The company was founded in 1966 when its “Classic” shoe, the first leather tennis shoe, debuted at the Wimbledon tennis tournament. Shares of K-Swiss closed unchanged at $4.74 on the Nasdaq.
