Mossimo Giannulli is making a bid to buy back the 35% of his company that is currently outstanding in publicly held shares. He is offering $4.00 per share in cash, representing a 20% premium to the closing price of the company's common stock when the offer was made. MOSS shares jumped from $3.50 to $4.25 shortly after the announcement was made, closing at $4.21 Friday.
Mr. Giannulli said that he expects the board of directors of the company to form a special committee of independent directors to consider the proposal with the assistance of outside financial and legal advisors. He also anticipates that any transaction will be mutually acceptable to Mr. Giannulli and this committee.
Mr. Giannulli owns approximately 65% of the outstanding shares of the company's common stock. He advised the company's board that he will not consider any other transaction involving his interest in the company. Piper Jaffray & Co. is serving as Giannulli's financial advisors in the transaction and Latham & Watkins LLP is providing legal counsel.
