Tarrant Apparel founders want to acquire company for $0.80 cash per share

By Lisa Kerner

Charlotte, N.C., April 28 - Tarrant Apparel Group's founders and executive officers, Gerard Guez and Todd Kay, proposed acquiring the company for $0.80 per share in cash.

The offer price is an 11% premium to Tarrant's closing price on April 25, according to a company news release.

Tarrant is expected to form a special committee of independent directors to consider the proposal along with outside financial and legal advisers.

Guez and Kay together beneficially own some 51% of Tarrant's common stock, including 5 million shares that may be acquired upon the exercise of stock options.

Tarrant is a Los Angeles-based design and sourcing company for private label and private brand casual apparel.

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