It probably shouldn't have surprised shareholders of sporting-goods company K2 (NYSE:KTO) that someone was buying out their shares. Board Chairman Richard Heckmann has run this game before.

At US Filter, Heckmann oversaw the acquisition of some 260 companies in the 1990s, before he eventually sold the company itself to Vivendi in 1999 for $6.2 billion. Heckmann then made his way to K2, where he once again began trying to roll up the sporting-goods industry under the ski maker's roof, like a kid collecting baseball cards.

Heckmann brought in Rawlings and Worth baseball and softball equipment; Brass Eagle, Worr Products, and CMC paintball products; Shakespeare and Penn fishing rods; Ex Officio and Marmot Mountain outdoor apparel; Ride snowboards; Seyvlor water sports; and Vokl Sports and Markel ski equipment. In just the past four years, K2 purchased 20 companies. That means -- yep -- it's just about time for Heckmann to allow the company to be bought out.

Consumer-products company Jarden (NYSE:JAH), which makes various name-brand products such as Sunbeam, First Alert, Mr. Coffee, and Seal-a-Meal, wants to purchase K2 in a deal valued at approximately $766 million. Factoring in the assumption of K2's debt, the transaction would total $1.2 billion.

While the cash and stock deal would equal roughly $15.50 per share -- a 23% premium to K2's closing price yesterday -- shareholders would only get $10.85 of that in cash, with the balance coming from 0.1086 shares of Jarden stock per K2 share.

Jarden may be trying to buy K2 on the cheap, valuing the company at 15 times next year's earnings -- far less than the multiples its competitors fetch. Quiksilver (NYSE:ZQK) and Nike (NYSE:NKE) both trade at 16 times 2008 earnings, while Oakley (NYSE:OO) trades at 21 times earnings.

Although the deal might not shock K2 shareholders, it's a curious move for Jarden, whose taste for the outdoors previously extended no further than Coleman camping equipment. Consider the acquisition a huge ramp-up of a whole new segment for Jarden.

Would K2 shareholders want to own Jarden's stock? Analysts project 12% growth for the next five years, with 13% growth in profits until 2008. Jarden has a deep portfolio of valued brand-name consumer products, but its stock has been reaching new highs lately. With an enterprise value-to-free cash flow ratio of 18, Jarden's not particularly cheap. By comparison, Nacco Industries (NYSE:NC) trades at 16 times, while VF (NYSE:VFC) sports a 27 EV-FCF ratio.

K2 has given shareholders a heck of a ride over the past few years. Now might be a good time to plan a mountain trek.

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Fool contributor Rich Duprey owns shares of K2 but does not own any of the other stocks mentioned in this article. You can see his holdings here. The Motley Fool has a disclosure policy.