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Apax Partners to acquire Tommy Hilfiger for $1.6 bn

24
Dec '05
Fashionable clothing marketer Tommy Hilfiger Corporation and Apax Partners, a leading global private equity firm, announced a definitive agreement under which Funds advised by Apax Partners will acquire Tommy Hilfiger Corporation in a merger at a price of $16.80 per share in cash, representing a transaction value of approximately $1.6 billion.

David F. Dyer, Chief Executive Officer of Tommy Hilfiger Corporation, said, "Company believe this transaction is a validation of the brand and the global opportunities that lie ahead. Since late 2003, company has been focused on improving operating performance and executing on long-term plans to regain position as a high-growth, high-return enterprise. Company made considerable strides to this end, while understanding that there was still work ahead of us and that progress to date put us in a strong position to consider other ways to unlock the value of brand and franchise.”

“As a result, in August the Board retained J. P. Morgan Securities Inc to assist the Company in reviewing its strategic alternatives. This review included careful consideration of a variety of options, including recapitalizations, restructurings, share buybacks and other measures to create value, including a possible sale of the Company."

"As part of this effort, the Board undertook a wide-ranging auction process, ultimately resulting in the unanimous determination by the Company's independent directors that the offer from Apax Partners was in the best interests of the Company and shareholders."


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