Re: DUAP update
Currently .02x.08 in the pink sheets.
Shrs Out 9.87 Mil
Float 5.50 Mil
VFC started their tender offer for Germany's H.I.S.
Sportswear AG. After this is complete, they will buy the
remaining shares from DUAP. Then DUAP will be able to pay
off some debt and give them some breathing room.
On 9/8/2000 I spoke to Daniel Rubin, CEO of DUAP
(212)302-6400. Their factories are running at 100% and they
are doing a lot of work for Levis.
VFC news release on tender offer:
GREENSBORO, N.C., Aug. 11 /PRNewswire/ -- VF Corporation
(NYSE: VFC) announced today that it will commence its
tender offer on August 14, 2000 to purchase all of the
outstanding shares from the minority shareholders of
H.I.S. Sportswear AG for 9.25 euros per share. Shares of
the Garching, Germany-based company are listed on the
Munich and Frankfurt exchanges. The tender offer will
remain in effect until October 12, 2000.
VF also announced it had signed an agreement to acquire
the majority holdings of H.I.S. Sportswear AG from Durango
Apparel Inc. (formerly Chic by H.I.S., Inc.) subject to the
successful completion of the aforementioned tender offer
that would result in VF owning at least 75% of the shares of
H.I.S. Sportswear AG. Plans to acquire H.I.S. Sportwear AG
were previously announced on April 6, 2000.
H.I.S. branded jeans and casual pants for men and women
are sold primarily through specialty and department stores
in Europe. With 1999 sales of approximately $90 million,
the H.I.S. brand is the leading women's jeans brand in
Germany. The brand will be added to VF's European jeans
nit, which also markets the Lee, Wrangler, Maverick and Old
Axe brands.
"We welcome the opportunity to join forces with VF,"
commented Milan Danek, Sprecher des Vorstandes of H.I.S.
Sportwear AG. "Together, we can create synergies and
better serve the consumers in our markets."
Added Terry Lay, Vice President and Chairman, VF's
International Coalition, "The H.I.S. brand enjoys excellent
brand awareness and visibility in Germany, one of our most
important markets. We look forward to adding the H.I.S.
brand to our growing portfolio."
With $5.6 billion in sales, VF Corporation is the
world's largest apparel company and a leader in jeanswear,
intimate apparel, knitwear, workwear, playwear, daypacks
and swimwear. Its principal brands include Lee, Wrangler,
Riders, Rustler, CHIC, Gitano, Vanity Fair, Vassarette,
Bestform, Lily of France, Lee Sport, Healthtex, Jantzen,
JanSport, Eastpak, Red Kap and The North Face. |
