HARDOF WOLF GROUP TO BUY DYLEX
By Adnews Staff
The Hardof Wolf Group has inked a $70 million deal to aquire Toronto-based Dylex Limited. Dylex's operating divisions include BiWay and Fairweather. Hardof Wolf Group is a private company which operates in the U.S. retail sector. Under the terms of the agreement Dylex will not solicit or negotiate any other potential deals. Hardof will receive a break-up fee of $2,500,000 or $0.05 per share if Dylex's board of directors withdraws or modifies its recommendation or in certain other cases. The agreement, subject to customary and regulatory conditions, is expected to close by May 15, 2001. The deal will be terminated if it has not been completed by June 15, 2001. William Anderson, chairman of Dylex, said the acquisition is the culmination of a number of events including the sale of Dylex operating divisions Tip Top Tailors, Grafton-Fraser, Labels, Braemar and Thrifty's over the past year.