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Warnaco to Acquire Designer Holdings

September 26, 1997|Dow Jones News Service

Apparel manufacturer Warnaco Group Inc. signed a definitive agreement to buy Designer Holdings in a stock transaction valued at $11 for each Designer Holdings share. In a news release, the companies, both based in New York, said all Designer Holdings shareholders will receive 0.324 Warnaco common share. They said both boards approved the merger, which is expected to close by year-end. The companies said Designer Holdings shareholders would own about 16%, on a fully diluted basis, of Warnaco's shares outstanding after the transaction. Warnaco's shares fell 81 cents to close at $33.44, and Designer Holdings' shares were unchanged at $9.69 on the New York Stock Exchange.

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