US: American Apparel merger approved
Endeavor Acquisition approved its merger deal with American Apparel at a special stockholders meeting yesterday (13 December).
The closing of the transaction took place immediately thereafter, and Endeavor has changed its name to American Apparel Inc.
Endeavor's common stock, units and warrants will continue trading on the American Stock Exchange under the new symbols APP, APP.U and APP.WS, respectively, the company said.
American Apparel, a manufacturer of branded fashion basic apparel, employs over 6,700 people and has 175 retail stores in 13 countries, including the US, Canada, Mexico and the UK.
The company also operates a leading wholesale business that supplies T-shirts and other casual wear to distributors and screen printers.
It was first announced in December last year that American Apparel had received a US$244m offer from Endeavor, including the assumption of about $110m in debt.
In connection with closing the deal, Endeavor said yesterday it will issue approximately 37.3m shares to American Apparel founder and chief executive, Dov Charney, and pay cash of approximately $67.9m to the other stockholder.
In addition, $2.5m aggregate amount of cash bonuses also will be paid to certain current American Apparel employees, and American Apparel will repay certain insider loans, it said.
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