US: Hidary may take legal action over Everlast bid
Sports Direct International could face problems with its acquisition of US boxing brand Everlast Worldwide after rival bidder Hidary Group accused Everlast of violating the terms of their merger agreement.
Hidary, a New York-based investment group, had reached an agreement to acquire Everlast for $26.50 a share, or $146m, on 1 June.
However, through its Brands Holdings subsidiary, UK-based Sports Direct agreed to purchase Everlast for $30 a share, or $168m, on 28 June.
Hidary came back with an offer of $31.25 a share, or $175m, on Friday, with Sports Direct quickly upping its bid to $33 a share, or $182m, the same day.
However, according to a SEC filing, Hidary believes it should have been given written notice from Everlast that it had received a new offer from a rival suitor.
Hidary says it should also have been given four days to respond to any other offer - and that it may now pursue legal action to remedy the breach of contract.
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