Galt Investments on Tuesday became the second stakeholder to say it will vote against Everlast Worldwide Inc.'s $146 million buyout offer because it believes the price for the boxing equipment maker is too low. Galt, which owns about four percent of EVST shares, feels the $26.50 per share bid for Everlast by Hidary Group announced on June 1, was too low. Aquamarine Capital Management LLC, which owns 2.3% of Everlast stock, made the same charge on shortly after the deal was first announced.
At the time, the offer was 14% over the previous day's trading price. It is now at a 3% discount to Friday's $27.34 closing price.
In a note to the Everlast board dated last Tuesday, Galt said an auction should have been held in order to maximize the value of any sale.
