Cooley LLP announced today that it advised Hot Topic in its proposed sale to Sycamore Partners. Sycamore Partners has agreed to acquire Hot Topic for $14.00 per share in cash, or a total of approximately $600 million.
The transaction, which is structured as a one-step merger with Hot Topic as the surviving corporation, is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction requires an affirmative vote of holders of a majority of the Company’s outstanding shares, which will be sought at a special meeting of shareholders.
The Cooley team advising on the acquisition was co-led by Barbara Borden, partner and chair of the Mergers & Acquisitions practice and partner Jason Kent, and included special counsel Rama Padmanabhan, and associates Jon Russo, Rebecca Jones and Terren O’Connor. Specialist counsel was provided by partners Thomas Welk (compensation & benefits), Al Browne (private equity related issues), Michael Tollini (credit finance), Howard Morse (antitrust) and Bill Morrow (tax). Securities litigation counseling will be provided by Securities Litigation partner and practice co-chair, Koji Fukumura, and associate Peter Adams.
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