Guess announces $13.00 per share acquisition proposal from WHP Global

Guess (GES) announced that its board of directors has received a non-binding proposal from WHP Global through its affiliate WHP Investments, to acquire for $13.00 per share in cash the outstanding shares of Guess, other than shares held by certain existing shareholders, including Paul Marciano, Maurice Marciano and Carlos Alberini. The proposal contemplates that the proposed transaction would be financed through a combination of equity and third-party debt financing, as well as rollover or reinvestment by each of the proposed rollover shareholders, and assumes that the company will operate in the ordinary course of business and that there will be no material change to the strategic and operational position of the company. Guess has formed a special committee of independent and disinterested directors of the board to evaluate the proposal, with the assistance of outside financial and legal advisors, to determine the course of action that is in the best interest of Guess and its shareholders. There is no guarantee that any definitive offer will be made, that any agreement will be executed or that the proposed transaction in the proposal or any other transaction will be approved or completed. Guess does not intend to comment further on this matter until the special committee has completed its evaluation of the proposal or until further disclosure is deemed appropriate. Guess shareholders do not need to take any action at this time. In April 2024, the Company partnered with WHP Global to acquire the intellectual property and operating assets of New York-based fashion brand rag & bone, a leader in the American fashion scene, with the Company directly operating rag & bone stores in the U.S. and in the U.K., and also having rag & bone available in high-end boutiques, department stores and through e-commerce globally.