Ralph Lauren launches takeover of Club Monaco
Last Updated: Monday, March 1, 1999 | 4:26 PM ET
CBC News
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Under the deal, Polo will purchase all outstanding common shares of Club Monaco for $13 a share in cash.
In a news release, the directors of Club Monaco said they will recommend the offer to shareholders and waive the company's shareholder rights plan. The clothing retailer has about 6.5 million common shares.
Club Monaco closed Friday at $11 per share.
"Club Monaco is a dynamic, innovative concept with a unique product direction in the marketplace," said Ralph Lauren, chairman and chief executive of Polo Ralph Lauren in a release.
"It offers modern, contemporary fashion at competitive prices. This acquisition is a major growth opportunity for us to build a significant vertically integrated retailing format that complements our other retailing formats."
Lauren said the current senior management will continue to operate Club Monaco as a separate subsidiary within Polo Ralph Lauren.
The deal, expected to close by spring, is subject to Polo receiving tenders for two-thirds of Club Monaco's shares.
Club Monaco operates 125 stores internationally and sells casual apparel and other accessories for men, women and children.
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