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California and the West | IN BRIEF/APPAREL

Mossimo Receives Unsolicited Rival Bid

November 01, 2005|From Reuters

Mossimo Inc., which licenses clothing for men and women to Target Corp., said it received an unsolicited bid that might be higher than founder Mossimo Giannulli's $5-a-share offer to take the company private.

Santa Monica-based Mossimo did not name the other bidder or disclose the offer price, but said it was unlikely the bidder would offer a deal that Giannulli would be willing to accept.

Mossimo cited "uncertainties regarding the economic and other terms of the proposal" as reasons for doubting that an agreement could be reached with the rival bidder. The company said it expected the original deal to close by year-end.

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