USA: Haggar Sold For $212m
Clothing marketer Haggar Corp is to be bought by Infinity Associates LLC, Perseus LLC and Symphony Holdings Limited for approximately $212 million.
According to the terms of the deal, Haggar stockholders will receive $29.00 in cash for each share of Haggar common stock they hold.
Haggar's chairman and chief executive, JM Haggar III, said: "With the new ownership team and our ability to utilise their respective capabilities, we will be able to accelerate our strategy of world-class sourcing and will strengthen the marketing power of our owned and licensed brands as well as our service to the private-label market."
Haggar's board of directors has unanimously approved the merger agreement and has recommended to the business's stockholders that they adopt the agreement.
The transaction is expected to close by the end of 2005.
Haggar Corp is a leading marketer of men's casual and dress apparel and women's sportswear in the US, Canada, Mexico, and the UK. Haggar also holds US trademark licenses.
Infinity Associates LLC is an investment company specialising in the acquisition of leading brands in the consumer soft goods industry, Perseus LLC is a merchant bank and fund-management company and Symphony Holdings Limited is a manufacturing company.
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