Last month, the men's accessories firm agreed to sell its operations to Randa Accessories Leather Goods LLC for $10 a share, or about $57.5 million. That deal included a "go-shop" provision, in which Swank could pursue other parties.
During the go-shop period, which expired Friday, Swank's financial adviser Financo Inc. contacted 28 potential strategic acquirers and 48 financial players and turned up an offer from another interested party.
Swank's board has determined that offer is likely to result in a superior proposal and is continuing discussions with the unnamed party.
The new offer is subject to certain conditions, including the completion of due diligence, and so Swank's board has not changed its recommendation regarding the pending merger with Randa.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)