20th Sep 2007 14:50
Sports Direct International Plc20 September 2007 20 September 2007 SPORTS DIRECT ACQUISITION OF EVERLAST Sports Direct International plc ("Sports Direct") today announces that it hascompleted the acquisition of Everlast Worldwide Inc. ("Everlast") for $33.00 pershare of Everlast common stock, or aggregate consideration of approximately$182.3 million. Completion of the acquisition occurred following approval bythe shareholders of Everlast for the merger of Everlast with a wholly ownedsubsidiary of Sports Direct. Everlast engages in the design, manufacture, import, and sale of boxing andfitness related sporting goods in the United States and is the worldwidelicensor of the Everlast brand for apparel, footwear, sporting goods equipmentand other active lifestyle products and accessories. Since 1910, Everlast hasbeen the pre-eminent brand in the world of boxing and among the most recognisedbrands in the overall sporting goods and apparel industries. This acquisition of Everlast is in line with Sports Direct's strategy ofacquiring further brands whose heritage and core values are consistent withSports Direct's existing group brands portfolio. By cross-leveraging thetechnical expertise and know-how within the Sports Direct and Everlastbusinesses, Sports Direct sees opportunities for efficiencies in research anddevelopment and to accelerate new product development in boxing and relatedfitness categories. Moreover, Everlast's platform in the US market, where SportsDirect currently has a limited presence, will enable Sports Direct to launchother group brands into the US market as well as provide the opportunity toderive benefits from an optimised US distribution network. Investor Day Following today's acquisition, Sports Direct's management team anticipatesconsiderable additional and immediate workload relating to Everlast's successfulintegration. As a result, management has decided to postpone the investor andanalyst day which it was scheduled to host at Shirebrook on 25th September 2007.Investors and analysts will be informed of the new date once it has beenagreed. For further enquiries, please contact: Sports Direct InternationalJustin Barnes, Head of Brands 0870 333 9400Dave Forsey, Chief ExecutiveBob Mellors, Group Financial Director Financial DynamicsJonathon Brill / Ben Foster / Andrew Dowler 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Frasers Group