Gerard Guez and Todd Kay, founders and executive officers of Tarrant Apaparel Group, on Monday said they had proposed to acquire the company’s outstanding publicly held shares.
Guez and Kay are seeking to acquire the shares at 80 cents a share for cash, which represents an 11 percent premium to the closing price of April 25.
Together, they own about 51 percent of Tarrant’s common stock, which includes 5 million shares that may be acquired upon the exercise of stock options at a weighted average exercise price of $4.90 a share.
The two have told the board they will not consider any other transactions involving their interest in the company.
For full coverage, see Tuesday’s issue of WWD.