Zodiac Partners Sweetens Bid for Destination XL to 84 Cents a Share

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Summary · why it matters

Zodiac Partners II raised its tender offer for Destination XL Group to 84 cents a share from 82 cents, valuing the men's big and tall retailer at $46.4 million. The new bid follows the expiration of Zodiac's first offer and comes after DXL called off its planned merger with FullBeauty Brands. DXL's board had unanimously rejected Zodiac's earlier offer in May, but Zodiac is now appealing directly to shareholders, stating it has $47 million on hand and a $12 million equity commitment from Camac Fund. The offer is set to expire on July 24, and DXL said it is evaluating the revised proposal with its advisors.

Impact on assets 1

Consumer Discretionary▲
Destination XL Group Inc
DXLG
▲ PositiveCapitalrelevance

Zodiac raised its tender offer to 84 cents/share, valuing DXL at $46.4M, and is appealing directly to shareholders.

Off-coverage companies 3

Zodiac Partners IIi
Private▲ PositiveCapitalrelevance

Zodiac Partners II raised its bid and is appealing directly to shareholders, increasing likelihood of acquiring DXL.

Camac Fundi
Private± Mixedrelevance

FullBeauty Brandsi
Private± Mixedrelevance