SBD / Issue 173 / Everlast To Be Bought For $146M

SBD/Issue 173/Finance

Hidary Group To Purchase Everlast For $146M

Published June 4, 2007

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N.Y.-based Everlast Worldwide Inc. has agreed to be bought by N.Y.-based investment firm Hidary Group for $146M in cash, according to Demian McLean of BLOOMBERG NEWS. Hidary will pay $26.50 a share, 14% more than Everlast’s close of $23.15 on Thursday, which was a record high for the company (BLOOMBERG NEWS, 6/1).  Shares of Everlast jumped $3.21, or 14%, to $26.36 Friday.  At presstime, shares of Everlast were trading at $28.71, up 8.92% from Friday's close (THE DAILY).

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