Interviews
News Flash
Endeavor approves proposed merger with American Apparel
25 Dec '07
2 min read
The American Stock Exchange (Amex) announced that on December 12, 2007, the shareholders of Endeavor Acquisition Corp. approved the proposed merger with American Apparel Inc.
Endeavor Acquisition, previously listed on the Amex under the ticker symbol "EDA," changed its name to American Apparel Inc and, as of December 13, 2007, now trades under the ticker symbol "APP" as a result of the merger.
As of the closing date, the transaction value for the deal was over $800 million in stock, cash and assumption of debt.
American Apparel is a vertically-integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California.
As of December 1, 2007, American Apparel employed over 6,700 people and operated over 175 retail stores in 13 countries, including the United States, Canada, Mexico, United Kingdom, Germany, France, Italy, the Netherlands, Sweden, Switzerland, Israel, Japan and South Korea.
American Apparel also operates a leading wholesale business that supplies t-shirts and other casual wear to distributors and screen printers.
Approximately 2.7 million shares, valued in excess of $35 million at prices, have been authorized for grant to employees through this transaction.
It is expected that each active, full-time employee of American Apparel, whether an executive, factory worker, retail employee, or otherwise, will receive approximately 250 shares per each year of employment at the company, or roughly one share per each day worked.
Endeavor Acquisition, previously listed on the Amex under the ticker symbol "EDA," changed its name to American Apparel Inc and, as of December 13, 2007, now trades under the ticker symbol "APP" as a result of the merger.
As of the closing date, the transaction value for the deal was over $800 million in stock, cash and assumption of debt.
American Apparel is a vertically-integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California.
As of December 1, 2007, American Apparel employed over 6,700 people and operated over 175 retail stores in 13 countries, including the United States, Canada, Mexico, United Kingdom, Germany, France, Italy, the Netherlands, Sweden, Switzerland, Israel, Japan and South Korea.
American Apparel also operates a leading wholesale business that supplies t-shirts and other casual wear to distributors and screen printers.
Approximately 2.7 million shares, valued in excess of $35 million at prices, have been authorized for grant to employees through this transaction.
It is expected that each active, full-time employee of American Apparel, whether an executive, factory worker, retail employee, or otherwise, will receive approximately 250 shares per each year of employment at the company, or roughly one share per each day worked.
American Apparel Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
