American Exchange Group to buy sneaker maker Allbirds for $39 million

Reuters03-31 08:51

American Exchange Group to buy sneaker maker Allbirds for $39 million

March 30 (Reuters) - American Exchange Group (AXNY) entered an agreement on Monday to buy all the assets and liabilities of footwear maker Allbirds BIRD.O for $39 million.

Here are some details on this:

Allbirds plans to file a proxy statement by April 24 seeking shareholder approval for the asset sale and the subsequent dissolution and wind-down of the company, the shoemaker said.
Shares of Allbirds rose about 32% to $3.92 in extended trading.
The transaction is expected to close in the second quarter of 2026, with the distribution of net proceeds after taking into account wind-down expenses, to shareholders anticipated in the third quarter.
"This next chapter with AXNY builds on the foundational work already completed and sets up the brand to thrive in the years ahead," Allbirds CEO Joe Vernachio said in a statement.
TD Cowen is acting as financial adviser and Holland & Hart LLP is serving as legal counsel to Allbirds.

(Reporting by Angela Christy in Bengaluru; Editing by Subhranshu Sahu)

((AngelaChristy.M@thomsonreuters.com))

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