Digital Brands Receives Takeover Offer Following Launch of Strategic Review

Dow Jones08-05

Digital Brands Group said one of its shareholders submitted a proposal to buy the company, offering to acquire all outstanding shares for $77.58 apiece.

The apparel and e-commerce company didn't say Wednesday who made the offer, but described the potential buyer as an existing shareholder with a net worth over a billion dollars.

The offer came after Digital Brands on Monday initiated a review of strategic alternatives. As part of that process, the company said it would evaluate alternatives including a sale, merger or other strategic or financial transaction in order to maximize shareholder value.

Digital Brands had 575,000 shares outstanding as of Tuesday's close, according to FactSet. Based on that count, Wednesday's offer values the company at roughly $44.6 million.

The purchase price, for $77.58 apiece, is more than triple the company's closing stock price of $21.63 on Tuesday.

Shares surged 78%, to $38.50, in premarket trading Wednesday.

Digital Brands said its board of directors will carefully evaluate the proposal to determine the course of action that is in the best interests of the company and its shareholders.

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