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Business

KNOCKOUT PUNCH

By
John Aidan Byrne
Published July 8, 2007, 9:00 a.m. ET

A brutal fight for Everlast Worldwide – the glamorous global boxing glove brand – could see a new round of sharp blows next week as a bloodied New York investor group faces off against a U.K. sports retailer in a bid for control of the company.

Hidary Group, furious that Everlast spurned its improved all-cash bid of $127 million, or $31.25 a share, when it accepted Brand Holdings’ latest $33 per share offer, was huddling in one corner on Friday as it considered a potential counterpunch.

“I wouldn’t be surprised to see Hidary offer $35 a share,” Jeff Lick, managing member of Galt Investments, owner of some 4 percent of the stock in Everlast, told The Post. Lick had earlier described a lower Hidary offer of $26.50 a share as “simply way too low.”

“It’s all up to the lawyers on both sides,” said a spokesperson for Everlast in New York. “We have no further answers or comments.”

Hidary, an investor in consumer goods, real estate, technology and financial services, has accused Everlast of breaking terms of their original merger deal, claiming that Brand Holdings has not made a better proposal. Late last month, Hidary saw its original merger deal torn in shreds when Everlast accepted Brand Holdings’ new offer. Both contenders then quickly raised their bids though Everlast stuck with the U.K. suitor. The U.K. retailer, a unit of Sport Direct International, owns some 400 Sports World Stores and other properties.

Failing a successful appeal to the Securities and Exchange Commission, or a run to the nearest courthouse that would force Everlast to abide by its original pact, Hidary could up its terms, analysts say. That would not surprise the market.

Investors pushed Everlast shares to $34 last week, $1 above the Brand Holdings offer.

“Hidary is down but not out,” says Stephen Colbert, an analyst in Boston who covers Everlast for Canaccord Adams.

Although the boxing game, particularly the heavyweight division, has seen better days, both Hidary and Sports Direct see much potential for the Everlast brand, which has adorned boxing greats like Jack Dempsey, Muhammad Ali and Mike Tyson.

Started as a swimwear brand in the Bronx in 1910, the brand made its debut in the squared-circle in 1917 when Dempsey – “The Manassa Mauler” – called upon the company to design practice headgear that would last more than one year. While it did not last forever, the gear’s longevity won over Dempsey.

Everlast has been synonymous with boxing ever since.

In recent years, Seth Horowitz, CEO, has been pushing to expand beyond boxing into men’s and women’s active apparel, footwear and other types of licensing deals – including putting the Everlast name on nutritional bars.

The company earned $4.7 million last year on sales of $51.9 million – as licensing revenue grew to 30.9 percent of sales from under 20 percent in 2002. In the first quarter, Everlast reported an operating profit of $2.2 million, up 47 percent as sales grew 24 percent to $12.4 million.

Colbert said the opportunity to grow licensing revenue is what is attracting the interest from Hidary and Sports Direct.

Brand Holdings did not respond to calls for comment.