Mossimo Founder Ends Bid to Take Firm Private
From Reuters
Mossimo Inc.’s founder, Mossimo Giannulli, said he had terminated an agreement to take the Santa Monica-based apparel designer private.
He said the deal was terminated after a special committee of Mossimo’s board withdrew approval and recommendation of a tender offer that would have entitled shareholders to $5 a share.
The company agreed to Giannulli’s offer in September and had set an Oct. 31 deadline to commence a tender offer, but this was extended after a rival bidder appeared.
The company’s shares fell 20 cents to $4.95.
