Benzinga | Jun 11, 2021 01:46PM EDT

Iconix Brand To Go Private In $585 Million Deal

* Iconix Brand Group Inc (NASDAQ:ICON) has agreed to go private through acquisition by an affiliate of Lancer Capital, LLC.

* The deal is valued at $585 million, including debt.

* Lancer Capital affiliate, Iconix Acquisition Corp will acquire all outstanding shares of Iconix at $3.15 a share in cash.

* The offer represents a premium of 28.6% over Iconix's closing price of $2.45 on Thursday.

* "Today's announcement represents the culmination of a year-long examination by our Board of Directors of strategic alternatives for the Company," said Bob Galvin, Chief Executive Officer.

* Iconix expects the deal to close by the end of the third quarter.

* Price Action: ICON shares are trading higher by 27.8% at $3.13 on last check Friday.