Maxwell Shoe Company has been purchased by
Jones Apparel Group.
Jones Apparel Group, Inc. ("Jones") (NYSE: JNY - News) and Maxwell Shoe
Company Inc. ("Maxwell") (Nasdaq: MAXS - News) today announced that they
have entered into a definitive merger agreement under which Jones will acquire
all the outstanding shares of Maxwell for $23.25 per share in cash, giving
the transaction a total equity value (excluding stock options) of approximately
$346 million. Maxwell's board of directors has unanimously approved the
agreement and recommended that Maxwell stockholders tender their shares
into Jones' tender offer.
Maxwell Shoe Company Inc .
designs, develops and markets casual and dress footwear for women and children
under multiple brand names. It offers casual and dress footwear for women
in the moderately priced market segment under the Mootsies Tootsies brand
name; in the upper moderately priced market segment under the Sam &
Libby and Dockers Footwear For Women brand names; and in the better market
segment under the AK Anne Klein brand name. It also sells moderately priced
and upper moderately priced children's footwear under both the Mootsies
Tootsies and Sam & Libby brand names. The Company has licensed the J.
G. Hook trademark to source and develop private label products for retailers
that require brand identification.