BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Shareholders fight back on Everlast buyout]]>http://www.bloggingstocks.com/2007/06/12/shareholders-fight-back-on-everlast-buyout/http://www.bloggingstocks.com/2007/06/12/shareholders-fight-back-on-everlast-buyout/http://www.bloggingstocks.com/2007/06/12/shareholders-fight-back-on-everlast-buyout/#commentsFiled under: , ,

Recently, the boxing apparel maker, Everlast Worldwide Inc. (NASDAQ: EVST), agreed to go private in a $146 million transaction. Ironically enough, a variety of major shareholders are taking jabs at the deal.

For example, Aquamarine Capital Management is displeased with the price tag (at about 12 times projected EBITDA) and indicated it would vote "no" on the deal. The firm has a 2.3% stake in Everlast.

There is also criticism from Galt Investments. And no, it will not vote for the deal either. The firm has a 4% stake.

In fact, the managing director at Galt, Jeff Lick, wrote a letter to Everlast's board. He believes that the sale process was "inadequate" and that the company should have contacted potential strategic buyers like Adidas (Deutsche Boerse, ADI), Nike Inc. (NYSE: NKE), Puma (Deutsche Boerse, PUM), Under Armour, Inc. (NYSE: UA) or others.

There is also analysis on the valuation:

"Assuming what we consider to be a reasonable 2008 EBITDA projection for Everlast of $20 million, 4.4 million fully diluted shares outstanding and $25 million in net debt, the Under Armour and K2 valuation metrics imply that Everlast's share price would reach a range of $58 to $40.90 in one year, or perhaps even better."

The current buyout offer? It's $26.50.

At the close today, EVST was trading at $27.67.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Shareholders fight back on Everlast buyout originally appeared on BloggingStocks on Tue, 12 Jun 2007 16:36:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>EverlastEVSTGalt InvestmentsGaltInvestmentsNKEUATue, 12 Jun 2007 16:36:00 EST<![CDATA[Everlast hangs up the gloves and goes private]]>http://www.bloggingstocks.com/2007/06/01/everlast-hangs-up-the-gloves-and-goes-private/http://www.bloggingstocks.com/2007/06/01/everlast-hangs-up-the-gloves-and-goes-private/http://www.bloggingstocks.com/2007/06/01/everlast-hangs-up-the-gloves-and-goes-private/#commentsFiled under: ,

Everlast (NASDAQ: EVST) got its start in 1910 and was actually a swimwear manufacturer. Of course, the company had the foresight to team up with legendary boxer Jack Dempsey. As a result, Everlast has built an enduring mega brand in the boxing world.

Now, the company has decided to go private. The buyer, The Hidary Group, has agreed to pay $146 million for the company.

In Q1, Everlast grew its revenues by 24% to $12.4 million and EBITDA increased 49% to $2.6 million. The company has been ramping up marketing and R&D expenditures to expand into new markets. There will also be a big push into direct-to-consumer segments, such as ecommerce and catalogs.

Over the past year, Everlast's stock has had a nice move - going from $13.78 to $26.40.

And, on the news of the deal, the stock price rose about 14%. Although, with the current stock price slightly below the $26.50 buyout offer, the Street thinks the offer will get a boost.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

Everlast hangs up the gloves and goes private originally appeared on BloggingStocks on Fri, 01 Jun 2007 16:19:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>EverlastEVSTFri, 01 Jun 2007 16:19:00 EST<![CDATA[CBS Jericho fans say nuts to network]]>http://www.bloggingstocks.com/2007/05/29/cbs-jericho-fans-say-nuts-to-network/http://www.bloggingstocks.com/2007/05/29/cbs-jericho-fans-say-nuts-to-network/http://www.bloggingstocks.com/2007/05/29/cbs-jericho-fans-say-nuts-to-network/#commentsFiled under: , ,

Fans of the cancelled CBS Corp (NYSE: CBS) series Jericho (who knew there were any?) have organized an unusual protest campaign in hopes of convincing the network to bring back the serial drama. The protest plays upon the response of WWII General McCauliffe to a German order to surrender, "Nuts," which was quoted by a Jericho character under attack. Fans are shipping bag after bag of nuts, over 25,000 lbs. to date, to the network to illustrate their passion for the series.

Here's where it gets interesting. Instead of shipping the nuts themselves, the campaign is using the services of nutsonline.com, which offers a turnkey solution to the busy executive protester. In effect, their passion has become nutsonline.com's windfall. Not to mention the snack-deprived CBS employees.

Continue reading CBS Jericho fans say nuts to network

CBS Jericho fans say nuts to network originally appeared on BloggingStocks on Tue, 29 May 2007 15:04:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>CBSEVERLASTJERICHO PROTESTJerichoProtestJNJLTDMICHAEL MOOREMichaelMooreMISS AMERICAMISS UNIVERSEMissAmericaMissUniverseNUTS TO JERICHONutsToJerichoONLINENUTS.COMPARIS HILTONParisHiltonRACHAEL SMITHRachaelSmithROSIESICKOVICTORIA\'S SECRETVictoria\'sSecretTue, 29 May 2007 15:04:00 EST