Authentic Fitness Board Forms Special Committee to Evaluate Warnaco Offer.LOS ANGELES--(BUSINESS WIRE)--Oct. 10, 1999-- Authentic Fitness Corporation (NYSE NYSE See: New York Stock Exchange :ASM (1) (Association for Systems Management) An international membership organization based in Cleveland, Ohio. Founded in 1947 and disbanded in 1996, it sponsored conferences in all phases of administrative systems and management. ) announced today that its Board of Directors has formed its committee of independent directors, to be chaired by Stuart D. Buchalter, to evaluate a definitive proposal it has received from The Warnaco Group, Inc. (NYSE:WAC WAC (Women's Army Corps), U.S. army organization created (1942) during World War II to enlist women as auxiliaries for noncombatant duty in the U.S. army. Before 1943 it was known as the Women's Auxiliary Army Corps (WAAC). Its first director was Oveta Culp Hobby. ) to acquire the company's outstanding shares for $20.50 per share in cash. The proposal represents a premium of approximately 16.7% over the closing price of Authentic Fitness on October 8, 1999 and has a total value, including the assumption of Authentic Fitness' debt, of approximately $525 million. Authentic Fitness is the Los Angeles based manufacturer and seller of Speedo(R) wearing apparel, swimwear and accessories, and owns and operates Speedo(R) Authentic Fitness(R) stores in the United States and Canada. Authentic Fitness also markets directly and through its licensees swimwear, apparel and accessories under the Anne Cole(R), Catalina(R), Cole of California(R), Sunset Beach(R), Oscar de La Renta Oscar de la Renta (born July 22, 1932) is a leading fashion designer. Early years De la Renta (born Oscar Aristides Renta Fiallo) was born in the Dominican Republic to a Dominican mother and a Puerto Rican father. (R), Polo Ralph Lauren Polo Ralph Lauren (NYSE: RL) is American fashion designer Ralph Lauren's luxury lifestyle company. Polo Ralph Lauren specializes in high-end casual/semi-formal wear for men and women, as well as accessories, fragrance, and housewares. (R), Polo Sport(R), and other brand names. |
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