Mossimo Latest
After making a lastminute bid to buy Mossimo Inc., Van Nuys–based Cherokee Inc. withdrew its $8.50 per share offer after reaching an agreement with Mossimo’s original suitor, Iconix Brand Group Inc., to accept a $33 million buyout offer. The agreement paves the way for Iconix to acquire Santa Monica–based Mossimo for $7.50 per share. It also terminates Cherokee’s finder’s agreement with Mossimo, in which Cherokee was paid 15 percent royalties for facilitating Mossimo’s long-running license with Target. The deal with Cherokee is contingent upon Iconix’s successful acquisition of Mossimo, expected some time during the third quarter.
