Hampshire Group to Be Acquired by NAF Holdings
Hampshire Group Ltd. has reached a definitive agreement to be acquired by NAF Acquisition Corp., a direct wholly owned subsidiary of NAF Holdings.
Following the completion of the deal, NAF Acquisition Corp. will merge into Hampshire, a company specializing in the manufacturing and marketing of sweaters, continuing as the surviving corporation in the merger.
According to the parties, the transaction will consist of a tender offer by NAF Acquisition Corp. for all outstanding shares of the common stock of Hampshire at a cash purchase price of $5.55 per share, which represents a 200 percent premium of the closing price on February 23.
Hampshire chairman Michael Jackson said its board "is pleased to provide this opportunity to achieve liquidity to our shareholders in this economic environment at a price we believe is fair. We believe that the transaction will have a positive outcome for our customers and employees."
"As an investor in the apparel industry for over 15 years, I have come to know and admire Hampshire for its reputation for producing high quality, trend right apparel at attractive price points," said entrepreneur Efrem Gerszberg, the principal of NAF. "I look forward to working with Hampshire's excellent team to enhance its already strong status as a compelling resource for national retailers."
Hampshire Group Ltd. is a U.S. provider of women's and men's sweaters, wovens and knits, and a designer and marketer of branded apparel. Its retail customers include Macy's, Kohl's, JC Penney, Dillards, Bloomingdale's and Nordstrom.
for more information: www.hamp.com
Following the completion of the deal, NAF Acquisition Corp. will merge into Hampshire, a company specializing in the manufacturing and marketing of sweaters, continuing as the surviving corporation in the merger.
According to the parties, the transaction will consist of a tender offer by NAF Acquisition Corp. for all outstanding shares of the common stock of Hampshire at a cash purchase price of $5.55 per share, which represents a 200 percent premium of the closing price on February 23.
Hampshire chairman Michael Jackson said its board "is pleased to provide this opportunity to achieve liquidity to our shareholders in this economic environment at a price we believe is fair. We believe that the transaction will have a positive outcome for our customers and employees."
"As an investor in the apparel industry for over 15 years, I have come to know and admire Hampshire for its reputation for producing high quality, trend right apparel at attractive price points," said entrepreneur Efrem Gerszberg, the principal of NAF. "I look forward to working with Hampshire's excellent team to enhance its already strong status as a compelling resource for national retailers."
Hampshire Group Ltd. is a U.S. provider of women's and men's sweaters, wovens and knits, and a designer and marketer of branded apparel. Its retail customers include Macy's, Kohl's, JC Penney, Dillards, Bloomingdale's and Nordstrom.
for more information: www.hamp.com