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Tarrant founders propose to buy company's outstanding public shares
28 Apr '08
2 min read
Tarrant Apparel Group's founders and executive officers, Gerard Guez and Todd Kay, announced that they propose to acquire the outstanding publicly held shares of Tarrant for $0.80 per share in cash. This represents a 11% premium to the closing price of Tarrant's common stock on April 25, 2008.
Following today's announcement, Messrs. Guez and Kay expect the Board of Directors of the Company to form a special committee of independent directors to consider the proposal with the assistance of outside financial and legal advisors.
The precise structure of the transaction, as well as the conditions to its consummation, will be determined through negotiations with the special committee. Any transaction will be consummated pursuant to the terms of an acquisition agreement mutually acceptable to Messrs. Guez and Kay and the special committee.
Messrs. Guez and Kay together beneficially own approximately 51% of the Company's common stock, which includes 5,000,000 shares that may be acquired upon the exercise of stock options at a weighted average exercise price of $4.90 per share. They have advised the Company's Board that they will not consider any other transaction involving their interest in the Company.
The Company's shareholders and other interested parties should read the Company's relevant documents filed with the Securities and Exchange Commission when they become available because they will contain important information.
Following today's announcement, Messrs. Guez and Kay expect the Board of Directors of the Company to form a special committee of independent directors to consider the proposal with the assistance of outside financial and legal advisors.
The precise structure of the transaction, as well as the conditions to its consummation, will be determined through negotiations with the special committee. Any transaction will be consummated pursuant to the terms of an acquisition agreement mutually acceptable to Messrs. Guez and Kay and the special committee.
Messrs. Guez and Kay together beneficially own approximately 51% of the Company's common stock, which includes 5,000,000 shares that may be acquired upon the exercise of stock options at a weighted average exercise price of $4.90 per share. They have advised the Company's Board that they will not consider any other transaction involving their interest in the Company.
The Company's shareholders and other interested parties should read the Company's relevant documents filed with the Securities and Exchange Commission when they become available because they will contain important information.
Tarrant Apparel Group
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