Iconix, the owner of brands including Lee Cooper and Umbro, has announced the company will soon be acquired by Iconix Acquisition Corp, an affiliate of Lancer Capital.
The deal was an all-cash transaction, which valued Iconix at around 585 million dollars, including net debt.
Bob Galvin, Iconix CEO said in a statement: “After a thorough and deliberative examination of all potential strategic alternatives, the board of directors determined that the transaction with Lancer provides the best value for our stockholders.
“We expect that Iconix will continue developing its brands and supporting its partners as a private company.”
As part of the agreement, Lancer will initiate a tender offer to acquire all outstanding shares of Iconix common stock at 3.15 dollars per share. This price reflects a 28.6 percent premium of the company’s closing share price on June 10, 2021. It also includes a 46.5 percent premium over its average volume-weighted share price for the 30-day period ended June 10, 2021.
The transaction is expected to be sealed by the end of the third quarter of 2021.