Phoenix Footwear Group, Inc., formerly known as Daniel Green Company, has made an offer to purchase Antigua Enterprises, Inc. through a tax-free merger. The deal would see Phoenix acquiring all of Antigua’s approximately 15,030,214 shares of outstanding common stock in exchange for 1,500,000 shares of newly issued Phoenix Footwear common stock and the cancellation of all outstanding Antigua options.

The new combined company is expected to take on all outstanding Antigua debt.

The value of the deal would be determined based on stock valuations on the closing date, but is expected to be a significant premium over current Antigua share price. Antigua shareholders would receive approximately 20% of the post-closing equity in the combined entities if the deal is accepted and approved by the boards and shareholders of both companies.

Antigua has recently sought refinancing options to pay off $4.7 million in debt owed to Thomas Dooley, Jr. and a $6 million note owed to L&B Transportation, Inc.