Mossimo Giannulli, founder and majority shareholder of clothing maker Mossimo Inc., made an offer Tuesday to take the company private. Mossimo was based in Irvine until it moved to Santa Monica in 2000.
Giannulli, also chairman and chief executive, owns 10.3 million shares, or 65% of the company. His bid values the remaining 5.5 million shares at a 20%premium above Monday’s closing price of $3.32. The bid would value Mossimo Inc. at $63.2 million.
On news of the offer, New York-based firm Wolf Popper LLP filed suit on behalf of a group of shareholders to stop the proposed buyout. The suit, filed in Delaware, cited “inadequate consideration,” or an insufficient price per share.
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