USA: Converse Gets $30m Offer
A newly formed investment group, Amasia Capital, LLC, has delivered a formal 'expression of interest' to acquire a controlling interest in sneaker and apparel manufacturer Converse Inc (OTC Symbol: CVEO - news). Amasia, which is represented by the investment banking firm of Universal Credit Corp (UCC), wrote to Converse management on Wednesday, August 30, 2000, offering $30m for a 'controlling interest' in Converse. Leon Black's Apollo Investment Fund, which owns a controlling interest in Converse, was also sent a copy of the letter. Amasia Capital, LLC is backed by a leading national brand management and licensing group. Brands owned and managed by Amasia Capital's affiliates generate in excess of $3.5bn of sales at retail. Amasia believes its offer is far superior to any existing offer made to Converse's shareholders and creditors. According to the letter sent to Converse and Apollo, Amasia said it would provide $30m to be used, among other things, for working capital for Converse. UCC is best known for its recent engineering of the leveraged buyout of Bill Blass Ltd and the innovative AAA bond financing for US performing rights Society SESAC.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- How TAL Apparel is staying ahead of the game
- Ethiopia violence undermines sourcing strategies
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- Gap to shutter all UK Banana Republic stores
- H&M CEO named sustainability leader
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020