Mossimo Inc signs privacy contract with Cherokee Inc

25 Apr '06

1 min read

Mossimo Inc, a premier designer, licensor and distributor of men's, women's, boy's and girl's apparel, footwear announced that on April 21, 2006 it signed a mutual confidentiality agreement with Cherokee Inc to allow both parties access to non-public information in the interest of evaluating Cherokee's unsolicited April 17, 2006 proposal to acquire all the outstanding shares of Mossimo for $8.50 per share, consisting of $6.00 per share in cash and $2.50 per share in Cherokee stock.

Cherokee's review has commenced. A Mossimo spokesman indicated that Mossimo's board of directors decided that their fiduciary duties to Mossimo's stockholders require Mossimo to allow Cherokee to conduct due diligence, but the board cannot yet conclude that Cherokee's acquisition proposal constitutes a superior proposal as compared to the proposed merger of Mossimo with Iconix Brand Group Inc announced on April 3, 2006.

Under the confidentiality agreement, Mossimo's board will obtain information from Cherokee to evaluate whether Cherokee's proposal is superior.

Founded in 1987, Mossimo Inc is a designer, licensor and distributor of men's, women's, boys' and girls' apparel, footwear and other fashion accessories such as jewelry, watches, handbags, and belts.

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