Destination XL Group Inc. (NASDAQ: DXLG) announced that its board of directors unanimously recommends shareholders reject a tender offer from Zodiac Partners II LLC and not tender their shares. The offer, launched May 12, 2026, proposed $0.82 per share for the men's big and tall clothing retailer.

The board conducted a review with external legal and financial advisors before making its recommendation. "The Board conducted a thorough review of Zodiac's tender offer and determined that it does not reflect the Company's underlying value," said Lionel Conacher, chairman of the board.

The company filed a formal recommendation statement on Schedule 14D-9 with the Securities and Exchange Commission regarding the offer.

Due to the time and resources required to review the tender offer, Destination XL rescheduled its first quarter fiscal 2026 earnings release to June 3, 2026, before market open. The company will host a conference call at 9:00 a.m. ET the same day, with CEO Harvey Kanter and CFO Peter Stratton discussing results.

Guggenheim Securities LLC serves as financial advisor to DXL, while Greenberg Traurig LLP acts as legal advisor and Joele Frank, Wilkinson Brimmer Katcher provides strategic communications advice.

Destination XL operates DXL Big + Tall retail and outlet stores and Casual Male XL stores throughout the United States, along with an e-commerce website and mobile app. The company is headquartered in Canton, Massachusetts.