Cherokee (CHKE) to Acquire Hi-Tec Sports International

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Go back to Cherokee (CHKE) to Acquire Hi-Tec Sports International

Cherokee (CHKE) Prices 3.685M Share Stock Offering for Proceeds of ~$35M; Enters Hi-Tec Acquisition Documents

November 29, 2016 8:49 AM EST

Entry Into Hi-Tec Acquisition Documents

Cherokee Inc. (Nasdaq: CHKE) announced that it has entered into a definitive agreement to acquire all issued and outstanding share capital of Hi-Tec Sports International Holdings B.V. (Hi-Tec), a global footwear company, for an aggregate cash purchase price of approximately $95.8 million on a cash-free debt-free basis, based on normalized working capital (the Hi-Tec Acquisition). Subject to post-closing adjustments, and after giving effect to the asset sales and the other... More