reached a definitive agreement to be sold to a private equity group for $212 million, or $29 a share, in cash.
The Dallas-based pants company said Infinity Associates, Perseus and Symphony Holdings will acquire Haggar in a deal expected to close by year-end.
"This transaction provides outstanding shareholder value and represents an endorsement of the excellent performance of our entire team," CEO J.M. Haggar III said. "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."
On Thursday, Haggar shares soared $5.16 to $28.30.