Everlast (NASDAQ:EVST)
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From May 2019 to May 2024
Everlast® Worldwide Inc. (Nasdaq: EVST)
announced today that, on August 16, 2007, it filed with the Securities
and Exchange Commission definitive proxy materials in connection with
the Company's pending merger with Brands Holdings Limited. The mailing
of such proxy materials to shareholders is expected to begin Monday
August 20, 2007. Under the terms of the amended merger agreement with
Brands Holdings, as previously announced on June 29, 2007, Brands
Holdings will acquire all of the outstanding shares of Everlast
Worldwide Inc. common stock for $33.00 per share in cash.
A special meeting of the Company’s
shareholders, to consider and vote upon the proposed merger, has been
scheduled for September 19, 2007, at 10:00 a.m. ET, at the Millennium
Broadway Hotel, in Room 311. The Millennium Broadway Hotel is located at
145 West 44th Street, New York, New York 10036.
The Company’s shareholders of record as of the
close of business on July 26, 2007 will be entitled to vote at the
special meeting. The Company’s Board of
Directors, has unanimously approved the Brands Holdings transaction, has
determined that it is advisable and fair to and in the best interests of
the Company and its stockholders and recommends that the Company’s
shareholders vote "FOR" the approval of the Brands Holdings merger
agreement and the merger.
Shareholders are encouraged to read the Company's definitive proxy
materials in their entirety, as they provide, among other things, a
detailed discussion of the process that led to the proposed merger and
the reasons behind the Board of Directors' recommendation that
shareholders vote FOR the approval and adoption of the merger agreement.
If shareholders have questions about the special meeting or the
transactions after reading the Company’s
definitive proxy statement, they are encouraged to contact the Company’s
proxy solicitor, MacKenzie Partners, Inc., at 105 Madison Avenue, New
York, New York 10016 (or call MacKenzie toll-free at 1-800-322-2885).
As disclosed in the Company’s definitive proxy
materials, the Company also announced that entered into a memorandum of
understanding pursuant to which the parties reached an agreement in
principle for the settlement of the consolidated William Sweet and
Charles Restivo shareholder lawsuit actions. The parties have agreed to
use their best efforts to agree upon, execute and present to the Court,
by September 21, 2007, a formal stipulation of settlement. Pending the
negotiation and execution of such stipulation, all proceedings, other
than settlement-related proceedings, have been suspended. Pursuant to
the memorandum of understanding, plaintiffs and their counsel have
agreed that they will petition the Court only for attorneys' fees and
expenses, and the Company has agreed not to oppose any such motion.
About Everlast Worldwide Inc.
Everlast Worldwide Inc. is a leading designer, manufacturer and marketer
of boxing and fitness related sporting goods equipment under the
well-recognized Everlast brand name and a worldwide licensor of the
Everlast brand for apparel, footwear, sporting goods equipment and other
active lifestyle products and accessories. Since 1910, Everlast has been
the preeminent brand in the world of boxing and among the most
recognized brands in the overall sporting goods and apparel industries.
In order to capitalize on the rich heritage and authenticity of the
Everlast brand, the company has extended the Everlast brand outside of
the boxing ring into complementary product categories. Our strategy is
to continue to leverage the unique qualities represented by the Everlast
brand—Strength, Dedication, Individuality and
Authenticity — to become a leading global
athletic brand and a necessary part of the lives of consumers who train,
compete and live an active lifestyle.
Statements made in this Press Release that are estimates of past or
future performance are based on a number of factors, some of which are
outside of the Company's control. Statements made in this Press Release
that state the intentions, beliefs, expectations or predictions of
Everlast Worldwide, Inc. and its management for the future are
forward-looking statements. It is important to note that actual results
could differ materially from those projected in such forward-looking
statements. Information concerning factors that could cause actual
results to differ materially from those in forward-looking statements is
contained from time to time in filings of Everlast Worldwide with the
U.S. Securities and Exchange Commission. Copies of these filings may be
obtained by contacting Everlast Worldwide or the SEC.