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Everlast announces agreement to be acquired by Hidary Group

04 Jun '07
2 min read

Everlast Worldwide Inc announced that it had signed a definitive agreement to be acquired by The Hidary Group, for $26.50 per share in cash, a 14.5% premium to its closing price on May 31, 2007, and a 30% premium to the average closing price over the last month. The total value of the all-cash transaction is over $146 million.

The Board of Directors of Everlast Worldwide approved the agreement in a special meeting June 1, 2007. The transaction is subject to stockholder approval and other customary conditions and is expected to be completed during the third quarter of 2007.

In making the announcement, Seth Horowitz, Chairman, President and Chief Executive Officer of Everlast Worldwide, said, “We are pleased with the terms of this transaction and believe it is in the best interests of the Company's stockholders. The Hidary Group has been an excellent licensing partner and, as such, has not only embraced the Everlast brand but also our strategic direction and long-term vision.”

Jack D. Hidary, Managing Partner of The Hidary Group said, “We have tremendous respect for Seth Horowitz and his team, and look forward to our partnership with Everlast Worldwide. We have a long history in the sports and athletic apparel marketplace, including a strong relationship and knowledge of the Everlast brand as one of Everlast Worldwide's licensees.”

Hidary continued, “We believe that the depth of our experience growing brands online and offline offers an exciting fit to help management further enhance Everlast's iconic global brand. Everlast Worldwide, its management and its employees are a great addition to our group of companies.”

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