Sports Direct acquires Everlast
Sports Direct has announced the acquisition of US boxing equipment firm Everlast.
Under the agreement with Brand Holdings, which is a unit of Sports Direct International , Everlast shareholders would get $30 per share, or a 47.2 percent premium to the company’s average closing price over the last month.The acquisition will allow Sports Direct, which owns a number of brands including Slazenger and Dunlop, to raise its profile in the US, and provide a platform for the company to launch its products in the American market.
The Board of Directors of Everlast Worldwide approved the agreement in a special meeting on June 28, 2007. The transaction is subject to stockholder approval and other customary conditions and is expected to be completed during the second half of 2007.
