Anaheim-based Pacific Sunwear of California issued a statement Tuesday in response to Adrenalina’s offer to buy its company.

In the statement, the O.C. retailer, which has nearly 940 PacSun stores, said:

“ … its board of directors has determined that the unsolicited proposal received from Adrenalina, a retail-entertainment company currently operating three stores in Florida, to purchase all of the issued and outstanding shares of common stock of Pacific Sunwear is not in the best interests of the company’s shareholders. “

To read more about Adrenalina and its proposed offer, CLICK HERE.

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Adrenalina, a retail entertainment store designed for extreme sports enthusiasts, announced Monday that it wants to buy Pacific Sunwear of California for $4.50 per share in stock and cash.

Adrenalina’s proposal represents a premium of 24 percent above the closing price of PacSun stock price of $3.62 on Oct. 17.

“This action also represents our confidence that Adrenalina can reinvigorate PacSun, a powerful brand name whose underlying retail concept has grown stale, by applying our innovative approach of fusing an exceptional product mix to an exciting entertainment destination,” Ilia Lekach, CEO of Adrenalina, said in a statement.

As of Oct. 4, the Anaheim-based Pacific Sunwear operated 813 PacSun stores and 124 PacSun outlets in 50 states and Puerto Rico.

For the five weeks ended Oct. 4, sales at PacSun stores open at least a year fell 5 percent. For the first 35 weeks of fiscal 2008, these figures, dubbed same-store sales and considered a key gauge of a retailer’s health, fell 2 percent.

Lekach added that Pacific Sunwear CEO Sally Frame Kasaks repeatedly declined Adrenalina’s prior attempts to enter into discussions, leading to the decision to take the proposal directly to the board of directors and PacSun stockholders.

Adrenalina is a new retail concept born out of the TV show Adrenalina, which currently airs throughout the American continent on networks such as Fox Sports and Fuel TV.

Adrenalina stores feature the FlowRider wave machine. With over 1 million visitors to the stores per year, Adrenalina locations average 10,000 square feet and carry extreme sports apparel, footwear, equipment and accessories from Orange County-based brands such as Quiksilver, Billabong and Volcom as well as other brands including Reef, Crocs and Ed Hardy.

Adrenalina has retail stores in Miami, Orlando and Tampa.  Locations under construction are in Denver; Alpharetta, Ga.; Plano, Tex.; and Houston. The company has also secured a location in the New York metro market.

To read Pacific Sunwear’s response to Adrenalina’s offer, CLICK HERE.

(Photo from Adrenalina Web site.)

More from OC Retail:

• Bankrupt shoe retailer closing last 2 O.C. stores
• Circuit City may close at least 150 stores
• Mervyn’s plans to close 9 more O.C. stores
• Brea Mall store closes
• Legendary toy retailer returns to O.C., opens 8 shops
• 6 stores, eateries coming soon to new O.C. mall
• 1,000-plus store closures expected after Christmas
• Bella Terra store closes
• Hundreds of shoppers anticipate O.C. opening of big discounter
• Linens ‘n Things starts liquidation sales at last 2 O.C. stores

For more from OC Retail, see list of links on right-hand side of this blog.

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