June 24, 2016
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Incipio LLC walked away from its bidding war with Mill Road Capital Management LLC, a private investment firm that made the winning offer for Skullcandy Inc. at $6.35 a share in cash, which valued the company at about $197 million.
Incipio Group in Irvine acquired Nashville-based competitor Griffin Technology on undisclosed terms.
Incipio LLC upped its offer to buy Skullcandy Inc. from $5.75 per share to $6.10 per share, or approximately $188.6 million, according to the Irvine-based maker of cellphone cases and other mobile device accessories.
Irvine-based Incipio LLC’s bid for Skullcandy Inc. was rejected by the audio equipment manufacturer’s board of directors, in favor of a “superior proposal.”
Incipio LLC, an Irvine-based maker of cell phone cases and other mobile device accessories, has bid $177M for Skullcandy Inc.