DXL Board Unanimously Rejects Zodiac's Revised $0.84 Tender Offer, Urges Shareholders Not to Tender
DXLG sits 47% above its 52-week low of $0.435.
Summary
Destination XL Group's Board of Directors has unanimously recommended that shareholders reject Zodiac Partners II's revised $0.84 per share unsolicited tender offer. This decision follows the Board's previous rejection of Zodiac's initial $0.82 per share offer and was confirmed by an 8-K filing today. The Board stated that the "modest increase in consideration still undervalues DXL" and believes the revised offer significantly undervalues the company and is opportunistic, making an acquisition at this price unlikely. Shareholders who have already tendered shares are urged to withdraw them before the offer expires on July 24, 2026.
At the time of this announcement, DXLG was trading at $0.64 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $34.7M. The 52-week trading range was $0.44 to $1.69. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.