Polo Ralph Lauren Corporation announced that it has successfully completed its previously announced public tender offer for the approximately 80% of the outstanding shares of Impact 21 Co, (TSE: 9944), its Japanese sub-licensee for men's, women's and jeans apparel, and accessories, that it did not already own.
This transaction is an important step for the future growth of Polo Ralph Lauren as it will enable the Company to better align its business in the important Japanese market with its overall global strategy.
The tender offer period expired on May 21, 2007, and upon settlement on May 29, 2007, Polo Ralph Lauren's ownership of Impact 21 will be 19.22 million shares, or 97.2% of the outstanding shares of Impact 21.
Polo Ralph Lauren will acquire the remaining shares of Impact 21 that were not sold pursuant to the tender offer by purchasing such shares for cash in accordance with established procedures under Japanese law.
Morgan Stanley Japan Securities Co, Ltd, acted as the financial advisor to Polo Ralph Lauren in this transaction, and Daiwa Securities SMBC Co, Ltd, acted as the financial advisor for Impact 21.
Polo Ralph Lauren Corporation
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