R. G. Barry Corporation's board of directors is evaluating an alternative to its planned merger with affiliates of the private equity firm Mill Road Capital.

 
Under a 30-day “go-shop” provision in its agreement with Mill Road, R. G. Barry's board of directors was allowed to solicit alternative offers until May 31. During that period, the board's financial advisor, Peter J. Solomon Company L.P. (PJSC),  contacted 31 potential acquirers, comprised of 10 strategic parties and 21 financial parties that R. G. Barry and PJSC believed might be interested in a possible alternative transaction to Mill Road Capital's proposal.

After consulting with its financial and legal advisors, the board has determined the alternative proposal could result in a superior proposal that it can continue to negotiate under stipulations set by its merger agreement with Mill Road Capital.

Pending talks with the new investors, R. G. Barry's board continues to recommend  its shareholders vote to approve the merger with the Mill Road Capital affiliate.

R. G. Barry's primary brands include: Dearfoams slippers dearfoams.com; baggallini handbags, totes and travel accessories baggallini.com; and Foot Petals premium insoles and comfort products footpetals.com.