Authentic Brands Group weighs rival bid for Guess
Group Inc. is considering launching a rival takeover bid for American clothing company Guess Inc., people familiar with the matter said.
New York-based Authentic Brands is working on a potential offer that would counter the $13-a-share cash proposal that Guess received in March from WHP Global, according to the people.
Shares of Guess were trading at $10.50 at 2:35 p.m. in New York on Thursday, giving the company a market value of about $544 million. The stock surged following the WHP bid.
Deliberations are ongoing and no final decisions have been made, the people said, asking not to be identified discussing confidential information. A representative for Authentic Brands declined to comment. A spokesperson for Guess couldn't immediately be reached for comment.
Guess said in a statement last month that it had formed a special committee of independent and disinterested directors to evaluate WHP Global's offer, which would see some existing shareholders, including founders Paul Marciano and Maurice Marciano, roll over their stakes. Solomon Partners and Willkie Farr & Gallagher are advising the special committee.
Founded in 1981 by the Mariano brothers, Guess' products include denim, handbags and shoes. In February, the company teamed up with WHP Global to acquire the fashion brand rag & bone.
Authentic Brands is led by Chief Executive Officer Jamie Salter. Its stable of brands and intellectual properties includes Champion, Reebok and Forever 21. Bloomberg News reported earlier this year that an investor group including CVC Capital Partners, General Atlantic, HPS Investment Partners and Leonard Green & Partners is in talks to buy BlackRock Inc.'s stake in Authentic Brands.
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