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Last Updated: Friday, 29 June 2007, 11:35 GMT 12:35 UK
Sports Direct set to buy Everlast
Boxer exercising in an Everlast vest
Everlast has been at the centre of a takeover tussle
Boxing equipment-maker Everlast Worldwide has agreed to be bought by UK-based sportswear retailer Sports Direct International for $168m (84m).

If agreed by the US firm's shareholders, the $30-a-share all-cash offer will trump a $26.50 all-stock bid from fellow American firm Hidary.

Everlast, which last month agreed to be bought by the investment fund, will now pay Hidary a $3m termination fee.

Sports Direct is owned by UK billionaire Mike Ashley.

Takeover spree

News of the bid for Everlast came on the same day as it was announced that Mr Ashley had increased his stake in Newcastle United to 93.2% - which will allow him to remove the football club from the stock market.

Mr Ashley, who launched his takeover bid for Newcastle in May, has been on something of an acquisition spree in 2007.

Earlier this year he also bought the Lonsdale sportswear brand.

Analysts said they expected the bid for Everlast to be successful, allowing Sports Direct - which has made the offer though its Brand Holdings subsidiary - to increase its presence in the US.

Sports Direct is the UK's largest seller of sporting goods through its Sports World stores.


SEE ALSO
Ashley ups Newcastle United stake
29 Jun 07 |  Business
Profile: Mike Ashley
23 May 07 |  Business
Sports Direct founder earns 929m
27 Feb 07 |  Business

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