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Knitting / Apparel

Haggar Enters Into Acquisition Agreement

Dallas-based Haggar Corp. parent company of Haggar Clothing Co., which markets and licenses men's casual and dress apparel and womens sportswear has entered into an agreement with Infinity Associates LLC; Perseus LLC, Washington (through an affiliate); and Symphony Holdings Ltd., Hong Kong; whereby Infinity, Perseus and Symphony would acquire Haggar for $212 million. Haggar stockholders would receive $29 in cash for each share of common stock held.

“This transaction provides outstanding shareholder value and represents an endorsement of the excellent performance of our entire team,” said J.M. Haggar III, chairman of the board and CEO, Haggar Corp. “With the new ownership team and our ability to utilize their respective capabilities, we will be able to accelerate our strategy of world-class sourcing and will strengthen the marketing power of our owned and licensed brands, as well as our service to the private-label market. The net result will be a stronger, more nimble company that is better suited for growth in the global apparel market.”

The merger agreement has been approved by Haggar’s Board of Directors.

The transaction, expected to close by the end of this year, is contingent upon approval by Haggar stockholders, regulatory review and funding of debt to complete the acquisition.

October 2005