Apparel maker Tarrant Apparel Group said late Friday that it hired advisers to evaluate a second proposal submitted by its founders to acquire the remaining publicly held shares of the company.
The Los Angeles maker of private label and private brand casual clothing said its committee of independent directors would evaluate the offer by Gerard Guez and Todd Kay, who together own 51 percent of outstanding shares. Details of the offer were not released.
Guez and Kay offered in April to buy all of the outstanding shares for 80 cents per share, roughly a 14 percent premium on their value at the time. The offer valued the company, founded in 1985, at $25.6 million.
Tarrant said it has retained law firm Bingham McCutchen LLP as its legal adviser and Houlihan Lokey Howard & Zukin as its financial adviser to evaluate the second offer.
Shares in Tarrant closed up 11 percent Monday to 73 cents per share.
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