RG Barry Corporation has entered into a non-disclosure standstill agreement with Mill Road Capital Management for the purchase of the US footwear firm.

The agreement, announced yesterday (16 December), follows a decision by RG Barry's board to proceed with the due diligence request of Mill Road for its non-binding bid to acquire the company.

The firm, however, said it has "not made any decision" with respect to the proposal, adding: "There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the proposed transaction or any other transaction will be approved or consummated."

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R.G. Barry Corporation Enters into Non-Disclosure and Standstill Agreement with Mill Road Capital Management LLC

Mill Road to Conduct Due Diligence

PICKERINGTON, Ohio, Dec. 16, 2013 /PRNewswire/ -- R.G. Barry Corporation (DFZ), today reported that it has entered into a Non-Disclosure and Standstill Agreement with Mill Road Capital Management LLC (Mill Road). This follows the decision of the R.G. Barry Board of Directors to proceed with the due diligence request of Mill Road for its previously announced unsolicited and non-binding proposal to acquire the Company.

The Board of Directors cautions the Company's shareholders that the Board has not made any decision with respect to the Mill Road proposal and there can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the proposed transaction or any other transaction will be approved or consummated.

The Company does not undertake any obligation to provide any updates with respect to the matters that are the subject of this press release, except as required under applicable law.

R.G. Barry is being advised by Peter J. Solomon Company, L.P. and Vorys, Sater, Seymour and Pease LLP.

 

Original source: RG Barry Corporation