Brands Holdings increases offer for Everlast by $3 per share

By Lisa Kerner

Charlotte, N.C., June 29 - Brands Holdings Ltd. amended its definitive agreement to acquire Everlast Worldwide Inc., upping the per-share price to $33 from $30, on June 28.

The all-cash transaction is now valued at more than $182 million, according to a company news release.

Everlast's board approved the amended agreement, and the transaction is slated to close during the second half of 2007.

Brands Holdings is a private company incorporated in England and Wales and a subsidiary of Sports Direct International plc, a publicly traded company listed on the London Stock Exchange.

New York-based Everlast designs, manufactures and markets boxing and fitness-related sporting goods equipment. The company terminated its previous merger agreement with Hidary Group Acquisitions, LLC and Hidary Group Acquisitions, Inc. and paid a $3 million termination fee.

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