TowerBrook Buying True Religion for at Least $826 Million

Mergers and Acquisitions
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True Religion Apparel has agreed to a buyout offer of at least $826 million from the investment management firm TowerBrook Capital Partners.

True Religion is best known for its high-priced denim. It had announced in October that it was exploring strategic options.

In March, the company's CEO, Jeff Lubell, stepped down and was named chairman emeritus and a creative consultant.

TowerBrook has investments in companies including Jimmy Choo and Odlo. It said Friday that it will pay $32 per share, which is a 9 percent premium to True Religion's Thursday closing price of $29.44.

The companies put the deal's total value at about $835 million.

FactSet says True Religion has about 25.8 million outstanding shares.

True Religion's board unanimously approved the transaction. It still needs approval from the Vernon, Calif., company's stockholders.

By The Associated Press