Apex Global Brands to merge with Galaxy Universal

Apex Global Brands Inc. has entered into a merger agreement with Galaxy Universal LLC, which is expected to occur in the second quarter of 2021. The company said, under the terms of the agreement, Galaxy Universal will acquire all of the outstanding shares of Apex for 2 dollars per share in cash.

“After conducting an extensive analysis of our strategic alternatives with our financial advisor, the board of directors concluded that our sale to Galaxy Universal is the best path to deliver equity to our shareholders,” said Henry Stupp, Chief Executive Officer of Apex Global Brands in a statement.

The company added that its officers, directors and certain stockholders collectively holding approximately 30 percent of the outstanding shares of Apex have entered into voting agreements committing them to, among other things, vote in favour of adopting the merger agreement.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is serving as legal advisor and Houlihan Lokey is serving as financial advisor to Apex Global Brands, while Willkie Farr & Gallagher LLP is serving as legal advisor to Galaxy Universal.

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