In October, Mossimo Acquisition Corp. deferred their planned tender offer for the outstanding shares of the Company's common stock to allow Mr. Giannulli and the Special Committee to consider an unsolicited proposal received from a third party indicating an interest in pursuing a business combination with Mossimo. Giannulli and the Special Committee have now announced that they received a letter from the third party indicating that the third party has decided at this time to discontinue its discussions with Giannulli and the Special Committee regarding a possible acquisition of the Company.
Giannulli and MAC expect to commence the tender offer next week, with the goal of completing the transaction before the end of the year. The tender offer will be subject to the condition that the majority of the publicly held minority shares be validly tendered and not withdrawn before the expiration of the tender offer, as well as other customary conditions, including the receipt of financing sufficient to complete the tender offer and the merger.
