Mossimo Founder to Resume Tender Offer
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Mossimo Inc., an apparel designer that licenses its brand to Target Corp., said Wednesday that its founder would resume a tender offer for its stock next week after a party interested in buying the company ended talks.
Founder Mossimo Giannulli had delayed the offer Oct. 31 after the company received an unsolicited bid from a buyer that wasn’t identified. A company controlled by Giannulli plans to complete the purchase of the shares by the end of the year, Santa Monica-based Mossimo said.
Giannulli, who is co-chief executive and started the company in 1987, had said he didn’t support a transaction with the buyer, partly because of uncertainties regarding terms. Giannulli is offering to buy the 35% of the company he doesn’t already own for $5 a share.
RockView Management, a Mossimo shareholder, sent a letter to the board Wednesday saying that Giannulli’s offer was inadequate and that it was dismayed that talks with the third party had ended.
Mossimo didn’t return calls for comment.
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