Haggar issues acquisition agreement with Infinity Associates & Symphony Holdings
01 Sep '05
3 min read
Dallas based men's casual & dress apparel designing firm Haggar Corp announced the execution of a definitive agreement whereby Infinity Associates LLC, Perseus, L.L.C. (through an affiliate) and Symphony Holdings Limited would acquire Haggar Corp in a transaction respected at approximately $212 million. Under the terms of the agreement, Haggar stockholders will receive $29.00 in cash for each share of Haggar common stock they hold.
J.M. Haggar, III, Chairman of the Board and Chief Executive Officer of Haggar Corp, said, "This transaction provides outstanding shareholder value and represents an endorsement of the excellent performance of the entire team."
"With the new ownership team and ability to utilize their respective capabilities, they will be able to accelerate the strategy of world-class sourcing and will strengthen the marketing power of their owned and licensed brands as well as service to the private label market. The net result will be a stronger, more nimble company that is better suited for growth in the global apparel market."
Frank D. Bracken, President of Haggar, said, "They are excited to announce this transaction, particularly given the strengths of Infinity, Perseus and Symphony. They share company views on the strong future of the company. Following the completion of this transaction, it will be business as usual, with strong new partners to support what they they do best. They believe the new partners will help us execute thestrategic plan in an environment which is focused on growth and innovation."
marketing@alchempro.com
