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Article Excerpt
HONG KONG, LONDON and NEW YORK, Dec. 23 /PRNewswire-FirstCall/ -- Tommy Hilfiger Corporation and Apax Partners, a leading global private equity firm, announced today a definitive agreement under which Funds advised by Apax Partners will acquire Tommy Hilfiger Corporation in a merger at a price of $16.80 per share in cash, representing a transaction value of approximately $1.6 billion.
David F. Dyer, Chief Executive Officer of Tommy Hilfiger Corporation, said, "We believe this transaction is a validation of the brand and the global opportunities that lie ahead. Since late 2003, we have been focused on improving operating performance and executing on long-term plans to regain our position as a high-growth, high-return enterprise. We made considerable strides to this end, while understanding that there was still work ahead of us and that our progress to date put us in a strong position to consider other ways to unlock the value of our brand and franchise. As a result, in August the Board retained J. P. Morgan Securities Inc. to assist the Company in reviewing its strategic alternatives. This review included careful consideration of a variety of options, including recapitalizations, restructurings, share buybacks and other measures to create value, including a possible sale of the Company. As part of this effort, the Board undertook a wide-ranging auction process, ultimately resulting in the unanimous determination by the...
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