Mossimo
Incorporated was purchased by
Iconix Brand Group Inc.
Please visit the
Iconix Brand
page.
November 1,
2006 News: Iconix Brand
Group, Inc. (Nasdaq: ICON) ("Iconix" or the
"Company") announced today that the Company has
completed
the merger of Mossimo, Inc. (Nasdaq: MOSS) ("Mossimo")
with and into a subsidiary of Iconix. The Company signed a
definitive agreement as of March 31, 2006 to acquire Mossimo
subject to the receipt of certain regulatory clearances that
have since been received, and the approval by the Mossimo
stockholders which occurred at a special meeting called for
such purposes on October 31, 2006. Iconix acquired all
of the outstanding shares of Mossimo, Inc. in consideration
for 0.2271139 of a share of Iconix common stock and $4.25 in
cash for each share of Mossimo common stock. The total
purchase price for Mossimo Inc. was 3,608,810 shares of
Iconix common stock and $67.5 million in cash. On closing
Mossimo had approximately $22 million in cash. Mossimo
stockholders also received non-transferable contingent share
rights entitling them to additional shares of Iconix common
stock after the first anniversary of the merger if Iconix's
common stock does not close at or above $18.71 for at least
20 consecutive trading days during the year following the
merger. Based upon the three day average price of Iconix
stock prior to the closing, the maximum additional shares of
common stock that Iconix potentially will have to issue is
approximately 41,000 shares. In addition the Company paid
Cherokee Inc. $33.0 million upon the closing of the merger
in connection with a termination and settlement agreement
with Cherokee.