Incipio LLC extended its offer to acquire audio accessories company Skullcandy Inc. (Nasdaq:SKUL) by two weeks late Wednesday amid a lackluster response and news that a rival bid had come back to life.
The extension came a day after Skullcandy said its board resumed talks with Mill Road Capital Management LLC late Monday just hours after rejecting its latest unsolicited proposal as unlikely to result in a superior offer.
Skullcandy’s board reversed that decision Monday after Mill Road indicated it had secured debt financing for its second offer to buy all Skullcandy’s outstanding common stock for $6.25 per share. That offer is 15 cents higher than the all-cash purchase price Skullcandy negotiated in its definitive agreement with Incipio LLC June 24.
Incipio’s offer to acquire the shares for $6.10 per share was previously scheduled to expire at midnight EDT Wednesday, August 17, but as of noon Wednesday investors had tendered just 704,045 of Skullcandy’s shares, or just 2.09 percent, to the company.
Incipio is a global consumer technology solutions platform operating a diverse portfolio of owned and licensed brands. Founded in Southern California in 1999, Incipio’s portfolio of brands meet the needs of active mobile consumers. The company operates from nine offices around the world and distributes its products to more than 50,000 retail doors globally.
