Cherokee backs off.Cherokee Backs Off: It looks like Iconix Brand Group Iconix Brand Group is a brand management company that licenses brands to retailers and manufacturers primarily in the apparel, footwear, and apparel accessory industries. Its brands are available in such stores as Kohl's, Kmart, Sears, Macy's, Mervyn's and JC Penney. will prevail in its acquisition bid for sportswear manufacturer Mossimo after reaching an agreement with Mossimo's other suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) , Van Nuys-based Cherokee Inc. Cherokee today said it would rescind its offer to acquire sportswear manufacturer Mossimo for $8.50 a share in cash and stock in exchange for a $33 million cash payment from Iconix. Iconix, which had earlier offered to acquire Mossimo for cash and stocks totaling about $7.50 per share, agreed to the payment to terminate a finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. agreement under which Cherokee receives 15 percent of royalties received on sales of its brand at Target in perpetuity Of endless duration; not subject to termination. The phrase in perpetuity is often used in the grant of an Easement to a utility company. in perpetuity adj. forever, as in one's right to keep the profits from the land in perpetuity. . In exchange for the payment, which Cherokee would receive upon the close of Iconix's purchase of Mossimo, Cherokee said it would terminate its acquisition offer. The Iconix transaction is expected to close in the third quarter of 2006. |
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