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Hidary Group obtains financing commitment, may bid for Everlast
By Lisa Kerner
Charlotte, N.C., Sept. 7 - Hidary Group Acquisitions LLC received a debt financing commitment from Wells Fargo Century, Inc. to provide a $65 million senior secured credit facility to Everlast Worldwide, Inc.
The debt commitment letter was dated Aug. 29 and was included in a schedule 13D filing with the Securities and Exchange Commission.
Hidary said it may make a proposal to acquire Everlast prior to the company's special stockholders' meeting on Sept. 19. If shareholders reject the plan of merger among Everlast, Brands Holding Ltd. and EWI Acquisition, Inc., Hidary may make a proposal to acquire Everlast following the special meeting.
There can be no assurances that Hidary will make any proposal to acquire Everlast, the filing stated.
Hidary owns 242,847 shares, or 5.9%, of the New York-based fitness-related sporting goods equipment company.
It was previously reported that Hidary and Everlast had reached a settlement agreement in which Hidary's lawsuit seeking to block Everlast's pending merger with Brands Holdings was dismissed with prejudice. Everlast agreed to limit the discovery it may take from Hidary in connection with certain stockholder litigation, and Everlast agreed to publicly reaffirm its board's commitment to comply with its fiduciary responsibilities.
On June 29, Everlast said it had amended its definitive agreement with Brands Holdings, upping the per-share price to $33 from $30. Brands Holdings is a private company incorporated in England and Wales and a subsidiary of Sports Direct International plc, a publicly traded company listed on the London Stock Exchange.
Everlast terminated its prior merger agreement with Hidary Group Acquisitions, LLC and Hidary Group Acquisitions, Inc. and paid a $3 million termination fee.
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