RTTNews | Jun 11, 2021 09:39AM EDT

09:39 Friday, June 11, 2021 (RTTNews.com) - Iconix Brand Group Inc. (ICON) agreed to be taken private by Iconix Acquisition Corp., an affiliate of Lancer Capital, LLC, in an all-cash transaction that values Iconix at about $585 million, including net-debt.

Iconix Acquisition Corp will commence a tender offer to acquire all of the outstanding shares of Iconix's common stock for $3.15 per share, in cash. The offer price represents a premium of 28.6% over Iconix's closing share price on June 10, 2021.

Iconix currently expects the transaction to close before the end of the third quarter of 2021.

In Friday regular trading, ICON was trading at $2.45, down $0.34 or 12.19%.

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