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Vernon-based ‘True Religion’ Agrees to be Acquired for $835 Million
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True Religion Apparel Inc., a manufacturer of high-end denim garments, announced on May 10 it has agreed to be acquired for around $835 million.
The company said in a statement issued from its headquarters in Vernon that it has reached a definitive agreement with TowerBrook Capital Partners L.P., an investment management firm based in New York and London.
“After a thorough review of strategic alternatives to enhance shareholder value, we are pleased to reach this agreement, which provides our shareholders with immediate and substantial cash value representing a significant premium,” said True Religion Lead Director Seth Johnson.
TowerBrook will acquire all outstanding shares of True Religion common stock for $32 per share in cash, a premium of approximately 52 percent over the share price on Oct. 9, 2012, the day before the company announced it had begun to explore strategic options, True Religion said.
The company said it spent seven months reviewing its options before concluding the deal, which requires the approval of regulators and True Religion shareholders. The transaction is expected to close in the third quarter.
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