Mossimo Giannulli, founder and majority shareholder of Mossimo Inc., has agreed to buy the 35 percent of Mossimo shares he doesn’t own for $5 each, taking the Santa Monica-based clothing maker private.

The new offer price represents a 50.6-percent premium over the stock’s closing price on April 11, the day Giannulli made his initial offer to buy up the shares for $4 each in cash. After the stock price rose above $4 and shareholders complained that the bid was too low, Giannulli, also chairman and chief executive of Mossimo Inc., withdrew his original offer on Aug. 16, saying he would not increase his bid.

The new offer received unanimous approval from Mossimo Inc.’s board after a special committee of independent directors recommended it be accepted. The deal is expected to close by the end of November.

CIT Group/Commercial Services Inc. is providing $22 million in loans to fund the transaction and provide added liquidity. Piper Jaffray & Co. is serving as Giannulli’s exclusive financial adviser in the deal. Houlihan Lokey Howard & Zukin is advising Mossimo’s board.