Iconix Brand To Go Private In $585 Million Deal

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  • Iconix Brand Group Inc ICON has agreed to go private through acquisition by an affiliate of Lancer Capital, LLC.
  • The deal is valued at $585 million, including debt.
  • Lancer Capital affiliate, Iconix Acquisition Corp will acquire all outstanding shares of Iconix at $3.15 a share in cash.
  • The offer represents a premium of 28.6% over Iconix's closing price of $2.45 on Thursday.
  • "Today's announcement represents the culmination of a year-long examination by our Board of Directors of strategic alternatives for the Company," said Bob Galvin, Chief Executive Officer.
  • Iconix expects the deal to close by the end of the third quarter.
  • Price Action: ICON shares are trading higher by 27.8% at $3.13 on last check Friday.
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