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           27 January, 2021


    
Category:  Press » Fashion

 

American Stock Exchange Announces Closing of Endeavor Acquisition and American Apparel Merger

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2007-12-26 05:09:23     
American Stock Exchange

The American Stock Exchange(R) (Amex(R)) today announced that on December 12, 2007, the shareholders of Endeavor Acquisition Corp. approved the proposed merger with American Apparel Inc. Endeavor Acquisition, previously listed on the Amex under the ticker symbol "EDA," changed its name to American Apparel, Inc. and, as of December 13, 2007, now trades under the ticker symbol "APP" as a result of the merger. As of the closing date, the transaction value for the deal was over $800 million in stock, cash and assumption of debt.

American Apparel is a vertically-integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of December 1, 2007, American Apparel employed over 6,700 people and operated over 175 retail stores in 13 countries, including the United States, Canada, Mexico, United Kingdom, Germany, France, Italy, the Netherlands, Sweden, Switzerland, Israel, Japan and South Korea. American Apparel also operates a leading wholesale business that supplies t-shirts and other casual wear to distributors and screen printers.

Approximately 2.7 million shares, valued in excess of $35 million at today's prices, have been authorized for grant to employees through this transaction. It is expected that each active, full-time employee of American Apparel, whether an executive, factory worker, retail employee, or otherwise, will receive approximately 250 shares per each year of employment at the company, or roughly one share per each day worked.

"Becoming a publicly traded company is an exciting event for American Apparel, in no small part because it will allow the public the opportunity to participate in our success. I am especially proud that this transaction will put a significant number of shares into the hands of our employees, who have played an important role in the success of our company to date," said Dov Charney, CEO of American Apparel. "We believe that this is quite a unique employee stock program for the apparel industry, and reinforces our dedication to our factory workers who are already among the most highly compensated in our industry in the world."

"Endeavor Acquisition's merger with American Apparel is an exciting transaction and a testament to a growing investor demand for new alternative investment vehicles," said Neal Wolkoff, Chairman and CEO of Amex. "Amex continues to be a leading listing venue for companies formed to complete a business combination and an important venue for their successor operating companies. We look forward to providing a competitive and transparent marketplace for American Apparel's shareholders."

The specialist for American Apparel is AIM Securities, Co. For further information on APP and other Amex-listed companies, please visit http://www.amex.com.

About American Stock Exchange

The American Stock Exchange(R) (Amex(R)) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 380 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com.

Specialized in: Amex - American Stock Exchange - Equities - Options - Exchange Traded Funds - Etfs - Aemi - Ante - Trading Floor
URL: http://www.amex.com
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