USA: Ridgeview Announces Change in Transaction With Gibor
Ridgeview, Inc. announced that Gibor Sport Alpha Socks Ltd. has determined not to pursue a proposal to acquire all of Ridgeview's outstanding common stock for $1.00 per share, but has indicated it is still interested in obtaining a controlling interest in the Company. Gibor is now considering doing so through a direct equity investment rather than the acquisition of any outstanding common stock of Ridgeview. No specific plans or proposals have been made as to the number or type of shares that may be purchased in a direct equity investment by Gibor or the price to be paid for such investment. Ridgeview has provided business and financial information to Gibor, and Ridgeview and Gibor are actively discussing the possibility of such a direct equity investment. If the parties reach an agreement on terms, Ridgeview will seek to close on the transaction as soon as possible thereafter.When Gibor and Ridgeview signed a letter of intent in April regarding a proposed acquisition of all of Ridgeview's outstanding common stock, Gibor and the Company also agreed that Gibor would make an unsecured, subordinated loan in the amount of $1,000,000 to the Company to provide the Company with additional working capital. Gibor and the Company further agreed that if the acquisition did not close within 90 days from the date the loan was made, Gibor would have the right to convert the amount of its loan into 1,500,000 shares of Ridgeview's Common Stock. Gibor made this subordinated loan to Ridgeview on April 24, 2000. On May 25, 2000, Gibor filed a statement on Schedule 13D with the United States Securities and Exchange Commission indicating that it may be deemed to be the beneficial owner of 1,500,000 shares of Ridgeview's common stock, which upon conversion would represent approximately 33.3% of Ridgeview's then outstanding common stock.
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 17 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Trump and the apparel industry – Infographic
- Apparel factory auditing is in the firing line
- How US border adjustment tax could affect apparel
- British Brexit plans prioritise tariff-free trade
- NRF 2017 – Retail tech launches and developments
- New project to digitalise European fashion chains
- Brands need to tackle Turkey factory refugee abuse
- JC Penney to roll out hundreds of Nike "shops"
- Patagonia launching circular economy platform
- Limited Stores files for bankruptcy protection
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Anti-odour clothing: fresh fashion for an active lifestyle
- Global apparel markets: product developments and innovations, October 2016
- Global market review of lingerie – forecasts to 2022