Lancer Capital LLC announced the successful completion of its purchase of all the outstanding shares of Iconix common stock for $3.15 per share. Lancer Capital intends to complete the acquisition of Iconix through a second-step merger.
On June 12, Iconix announced that it had entered into a definitive agreement and plan of merger to be acquired by an affiliate of Lancer Capital, LLC, in an all-cash transaction that values Iconix at approximately $585 million, including net debt.
As the final step of the transactions, Lancer Capital intends to cause the merger of Iconix and its acquisition subsidiary on August 4 without a vote or meeting of Iconix’s shareholders in accordance with Section 251(h) of the Delaware General Corporation Law.
Following consummation of the merger, the shares of common stock of Iconix will be delisted and will cease to trade on the Nasdaq. Iconix and Lancer Capital will take steps to cause the shares of common stock of Iconix to be deregistered under the Exchange Act as promptly as practicable.
Iconix’s brands include Mossimo, Ocean Pacific/OP, Danskin, Rampage, Joe Boxer, London Fog, Mudd, Candie’s, Buffalo, Starter, Rocawear, Zoo York, Ecko Unltd, Artful Dodger, Umbro, Lee Cooper, Ed Hardy, Pony. Royal Velvet, Canon, Fieldcrest, and Sharper Image.
Photo courtesy Lancer Group