ABC-MART, INC. (2670.TO), a Japanese retailer of athletic, business and casual footwear, said Friday it has agreed to acquire all outstanding shares of LaCrosse Footwear, Inc. BOOT, -2.43% for $20 per share in cash, or approximately $138 million.

The purchase price represents a premium of 82% over LaCrosse Footwear's average closing stock price over the past 30 days ended July 5, ABC-MART said in a statement.

ABC-MART will commence a tender offer to purchase all of the outstanding shares and the transaction is expected to close in the third calendar quarter of 2012, the Japanese company said.

The transaction is conditional on the tender of a majority of the outstanding shares of LaCrosse Footwear, and remains subject to customary closing conditions, including receipt of applicable regulatory clearances, the statement explained.

LaCrosse Footwear's directors and some of LaCrosse's senior management holding collectively 8% of LaCrosse's outstanding shares have agreed to tender these.

Once the acquisition is completed, LaCrosse Footwear will become a wholly owned subsidiary of ABC-MART and will continue operating in Portland, Oregon.

"We associate significant value with the LaCrosse and Danner brands," Minoru Noguchi, President of ABC-MART said. "This transaction will bring together the complementary strengths of ABC-MART's extensive knowledge in the footwear retail industry with LaCrosse Footwear's high quality manufacturing craftsmanship," he said.

Joseph P. Schneider, president and CEO of LaCrosse Footwear added: "In addition to delivering compelling value to our shareholders, the partnership with ABC-MART also creates clear benefits for our customers, suppliers and employees."