May 11, 2013

True Religion agrees to buyout

The Associated Press

VERNON, Calif. - True Religion Apparel has agreed to a buyout offer of about $826 million from the investment management firm TowerBrook Capital Partners.

True Religion is best known for its high-priced denim. It had announced in October that it was exploring strategic options.

In March, its CEO Jeff Lubell stepped down and was named chairman emeritus and a creative consultant.

TowerBrook has investments in companies including Jimmy Choo and Odlo. It said Friday that it will pay $32 per share, which is a 9 percent premium to True Religion's Thursday closing price of $29.44.

The companies put the deal's total value at about $835 million.

True Religion's board unanimously approved the transaction. It still needs approval from the Vernon, Calif., company's stockholders.

 

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