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.
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