The offer price represents a massive premium of 52 per cent to the clothing company’s closing price on October 9, which was the last day of trading before it said it was exploring strategic options.
The deal has been unanimously approved by True Religion’s board, which recommended shareholders to accept the offer.
TowerBrook’s managing director Andrew Rolfe said, “True Religion is an established, high-end brand with a strong retail network and a loyal following.
“We are excited to combine our retail and apparel expertise with Lynne and the True Religion team to help the company with brand building and international opportunities.”
Back in February TowerBrook closed its fourth fund at its hard cap of $3.5bn. AltAssets reported that the fundraise took only four months.
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