Women’s and children’s apparel and accessories company Jaclyn Inc. is being acquired for $7.85 per share, it announced Friday.Women’s and children’s apparel and accessories company Jaclyn Inc. is being acquired for $7.85 per share, it announced Friday.
Shares of the Maywood-based company rose to $7.55 at the market’s close Friday, up from $6.76 per share at the close Thursday. As of approximately noon Monday, shares were trading at $7.75 each, according to Yahoo! Finance.
The company will be acquired by Jaclyn Holdings Parent LLC, which is an affiliate of apparel company Golden Touch Imports Inc., it said in a news release.
“After thorough analysis, the special committee and the board have endorsed this proposed acquisition, which we believe maximizes value for our stockholders,” Robert Chestnov, Jaclyn’s co-CEO and co-president, said in a prepared statement. “… Jaclyn and Golden Touch share the same high operating standards and have a similar overall company culture.”
The deal is expected to close in the first quarter, subject to customary terms and conditions.
“We are thrilled that the fine and accomplished Jaclyn team will be joining our family,” Bruce Fischer, president of New York-based Golden Touch, said in a statement. “Both of our companies have a culture built on honesty and integrity. We look forward to incorporating best practices from each business to improve our ability to serve our customers.”
Houlihan Capital LLC is serving as financial adviser to Jaclyn’s special committee, and has provide a fairness opinion. Day Pitney LLP is serving as the special committee’s legal adviser, while Troutman Sanders LLP is serving as the company’s legal adviser.
Levy Holm Pellegrino & Drath LLP and Fried, Frank, Harris, Shriver & Jacobson LLP are acting as legal advisers to Golden Touch.