True Religion (TRLG) Misses Q1 EPS by 12c; Will Be Acquired by TowerBrook
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Price: $31.98 --0%
Financial Fact:
Basic (in shares): 25.42M
Today's EPS Names:
PLNH, SPRU, BBGI, More
Financial Fact:
Basic (in shares): 25.42M
Today's EPS Names:
PLNH, SPRU, BBGI, More
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True Religion Apparel, Inc. (Nasdaq: TRLG) reported Q1 EPS of $0.22, $0.12 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $120.8 million versus the consensus estimate of $113.19 million.
Q1 2013 U.S. Consumer Direct net sales increased 12.1%; same-store sales increased 0.7%.
True Religion entered into a definitive merger agreement with an affiliate of funds managed by TowerBrook Capital Partners L.P., the New York and London-based investment management firm, in a take-private transaction valued at approximately $835 million. Under the terms of the merger agreement, TowerBrook will acquire all of the outstanding shares of True Religion common stock for $32.00 per share in cash. The merger is subject to approval from our stockholders, regulatory approvals and other customary closing conditions. The transaction is expected to close in the third quarter of 2013. Pursuant to the Merger Agreement, we have suspended our regular quarterly dividend through the earlier to occur of the closing of the merger or expiration of the Merger Agreement.
TowerBrook has significant experience in the consumer retail and luxury space and has made control-oriented investments in companies such as Jimmy Choo, Odlo, BevMo! and Phase Eight.
The merger is subject to approval from True Religion’s shareholders, regulatory approvals and other customary closing conditions. The transaction is expected to close in the third quarter of 2013.
Guggenheim Securities, LLC is serving as financial advisor and Greenberg Traurig, LLP is serving as legal advisor to True Religion and the Special Committee of the Board. Akin Gump Strauss Hauer & Feld is legal advisor to the Company. Deutsche Bank, Jefferies and its affiliates, UBS Investment Bank and Macquarie Capital have provided committed financing to TowerBrook in support of the transaction. Deutsche Bank, Jefferies and UBS Investment Bank acted as financial advisors to TowerBrook, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor.
Q1 2013 U.S. Consumer Direct net sales increased 12.1%; same-store sales increased 0.7%.
True Religion entered into a definitive merger agreement with an affiliate of funds managed by TowerBrook Capital Partners L.P., the New York and London-based investment management firm, in a take-private transaction valued at approximately $835 million. Under the terms of the merger agreement, TowerBrook will acquire all of the outstanding shares of True Religion common stock for $32.00 per share in cash. The merger is subject to approval from our stockholders, regulatory approvals and other customary closing conditions. The transaction is expected to close in the third quarter of 2013. Pursuant to the Merger Agreement, we have suspended our regular quarterly dividend through the earlier to occur of the closing of the merger or expiration of the Merger Agreement.
TowerBrook has significant experience in the consumer retail and luxury space and has made control-oriented investments in companies such as Jimmy Choo, Odlo, BevMo! and Phase Eight.
The merger is subject to approval from True Religion’s shareholders, regulatory approvals and other customary closing conditions. The transaction is expected to close in the third quarter of 2013.
Guggenheim Securities, LLC is serving as financial advisor and Greenberg Traurig, LLP is serving as legal advisor to True Religion and the Special Committee of the Board. Akin Gump Strauss Hauer & Feld is legal advisor to the Company. Deutsche Bank, Jefferies and its affiliates, UBS Investment Bank and Macquarie Capital have provided committed financing to TowerBrook in support of the transaction. Deutsche Bank, Jefferies and UBS Investment Bank acted as financial advisors to TowerBrook, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor.
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