Everlast Worldwide Inc. announced that it has received shareholder
approval of the acquisition of Everlast Worldwide Inc. by Brands
Holdings, a subsidiary of U.K. retailer, Sports Direct. At a
special meeting of Everlast's shareholders held Wednesday morning,
2,664,794 shares, or over 65 percent of the 4,080,023 total outstanding
shares of Everlast common stock, were voted in favor of the $33-a-share
merger.
Everlast said approval required a vote of at least a majority of
Everlast's outstanding shares of common stock. Of the shares voted,
over 99 percent voted in favor of the merger.
In June, Everlast originally agreed to a $26.50 buyout from New
York-based investor group Hidary Group. Brands Holdings later launched
a rival bid of $30 per share, and Everlast terminated its deal with
Hidary to accept the rival bid. Hidary bumped its offer up to $31.25
per share. Brands Holdings then lifted its offer higher to $33 per
share.
Hidary eventually filed a lawsuit against Everlast, but agreed to
settle the lawsuit after Everlast agreed to fully explore its bid.
