Iconix Brand To Go Private In $585 Million Deal

  • 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.
Market News and Data brought to you by Benzinga APIs
Posted In: M&ANewsPenny StocksBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!