Everlast Worldwide Inc. has signed an amendment to its definitive agreement with Brands Holdings Limited which increases the merger consideration to $33.00 per share in cash, a 42.5% premium to its closing price on May 31, 2007, and a 24% premium to the average closing price over the last month. The total value of the all-cash transaction is over $182 million. Brands Holdings Limited is a private company incorporated in England and Wales and is a subsidiary of Sports Direct International plc, a publicly-traded company on the London Stock Exchange.


The Board of Directors of Everlast Worldwide approved the amendment to the agreement in a special meeting on June 29, 2007. The transaction is subject to stockholder approval and other customary conditions and is expected to be completed during the second half of 2007.

A special meeting of stockholders of Everlast Worldwide will be announced soon to obtain stockholder approval of the transaction.


Piper Jaffray & Co. is serving as exclusive financial advisor to Everlast Worldwide. Olshan Grundman Frome Rosenzweig & Wolosky LLP and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Everlast Worldwide and Brands Holdings Limited, respectively.