DANS could get Possibly more than the contingent payment of
$15 Million!!!!
Danskin, Inc. Announces Definitive Agreement to Sell its Intellectual Property to Iconix Brand Group, Inc.
THURSDAY, FEBRUARY 22, 2007 8:37 AM
- PR Newswire
NEW YORK, Feb 22, 2007 /PRNewswire-FirstCall via COMTEX/ -- Danskin, Inc. (OTC:PK: DANS.PK) ("Danskin" or the "Company") today announced that it has entered into a definitive agreement to sell its Danskin (R) intellectual property, to Iconix Brand Group, Inc. ("Iconix"). The transaction is anticipated to close in March 2007. The transaction is subject to customary closing conditions including clearance under the Hart-Scott-Rodino Anti Trust Improvements Act of 1976 as amended and Danskin stockholder approval.
The purchase price for the transaction will be $70 million with a contingent payment of $15 million, payable in cash or stock, triggered by the brand exceeding certain revenue and performance targets. If paid in Iconix stock and the stock appreciates during the earnout period, or thereafter, the Company could earn up to an additional $7.5 million.
If we don't hear anything from DANS this week we will find out more info on Tuesday, March the 6th:
FROM ICONIX:
Additional details of the Danskin acquisition will be addressed on the Company's fourth quarter and 2006 year end earnings conference call scheduled for Tuesday March 6, 2007 at 10:00 am EST.....GLTA!!!!
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