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06/29/2007 Archived Entry: "'Golden Boy' Watches Its Investment in Everlast Worldwide"
'Golden Boy' Watches Its Investment in Everlast Worldwide
LOS ANGELES, June 28, 2007 - Golden Boy Enterprises, LLC, an entity controlled by Oscar de la Hoya and holder of approximately 4.9% of the outstanding stock of Everlast Worldwide Inc. (NASDAQ NM, EVST), announced today it is watching with interest the developments surrounding its investment in Everlast.
On June 1, 2007 Everlast announced that it had entered into an agreement to be acquired by The Hidary Group for $26.50 per share. Golden Boy opposed this transaction because it believed that the sale process was flawed and not conducted to maximize shareholder value because Everlast did not conduct a full action or fully explore other options to increase shareholder value. Instead, Everlast negotiated with a single party and agreed to pay the buyer a minimum $3.0 million break up fee before seeking other potential buyers.
On June 28, 2007 Everlast announced that it has terminated the agreement with The Hidary Group and entered into an agreement to be acquired by Brands Holding Limited for $30.00 per share.
Golden Boy will review the agreement with Brands Holdings before determining whether or not to support the transaction.
About Golden Boy Enterprises:
Golden Boy Enterprises is a diversified holding company of legendary Olympic Gold Medal winner, ten-time world Champion and Grammy nominated recording artist Oscar de la Hoya. Its principle assets include a bi-coastal portfolio of real estate and various entertainment, sports, media and financial services related participations with a main focus on the growing U.S. Hispanic Market. Golden Boy Enterprises LLC is as well the principal shareholder of Golden Boy Promotions, the leading boxing promotion company with over 40 fighters under contract.
