Brooks Brothers Bought for $325 Million by Authentic Brands, Simon Property
After 202 years as an independent, privately owned company, Brooks Brothers will be sold to Authentic Brands Group and SPARC Group, a partnership with Simon Property Group (NYSE: SPG). The partners' successful bid for the men's clothing company follows up an earlier "stalking horse" bid of $305 million they made at the end of July. The purchasers upped their offer to $325 million, and Brooks Brothers announced Wednesday that it had accepted.
Authentic Brands and Simon Property have teamed up to buy a number of other well-known brands, including Frye, Juicy Couture, and Aeropostale. Though details are hazy, Simon Property Group may also be involved in a bid to acquire JC Penney after its long slide into financial difficulties ended in a bankruptcy filing earlier this year.
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Source Fool.com
