Nautica Enterprises, Inc. (Nasdaq: NAUT) today announced that it has been notified by the Barington Group that it has discontinued and withdrawn its proxy solicitation in light of the Company's announcement today that it has signed a definitive merger agreement to be acquired by VF Corporation (NYSE: VFC) for total consideration of approximately $586 million, including $17.00 per share in cash to Nautica stockholders.
Harvey Sanders, Chairman, President and Chief Executive Officer of Nautica Enterprises, Inc., commented, #'We believe the transaction with VF will deliver significant value to our shareholders and look forward to completing the merger as quickly as possible.''
As previously announced, Nautica Enterprises' 2003 Annual Shareholder Meeting, which had been scheduled for July 8, has been postponed and a new date will be announced shortly. The Company expects that the original record date of May 29, 2003 will remain in effect for the meeting. The Barington Group consists of a number of entities that had been participating in a proxy solicitation led by Barington Companies Equity Partners, L.P.
Nautica Enterprises, Inc., through its subsidiaries, designs, sources, markets and distributes apparel under the following brands: Nautica; Nautica Competition; Nautica Jeans Company; Earl Jean; John Varvatos; E. Magrath; and Byron Nelson.