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Tuesday, May 28, 2024

Mossimo to Evaluate Cherokee Offer

Women’s sportswear maker Mossimo Inc. has agreed to evaluate a recent proposal made by Cherokee Inc. to acquire the company for $8.50 per share in cash and stock shares. The unsolicited proposal from Cherokee, a Van Nuys-based licensor and marketer of brands to retailers including Target, was made on April 17, following an offer by Iconix Brand Group Inc., which is also seeking to acquire Mossimo. Mossimo and Cherokee have inked a confidentiality agreement under which the two companies will be allowed access to non-public information in an effort to conduct due diligence on the proposal. Mossimo officials said the Iconix deal is still on the table and it is moving to determine which is the better offer.

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