Mill Road Capital has agreed to acquire accessories marketer R.G. Barry (NASDAQ: DFZ) for $19 per share in cash, reflecting an equity value of approximately $215 million. The $19 per share is an 18% premium compared to the 30-day average stock price prior to the announcement of Mill Road's initial proposal to acquire the company in September 2013. The agreement permits R.G. Barry to solicit alternative acquisition proposals; the company stated it intends to do so.
With a primary focus on footwear, R.G. Barry markets accessories brands and other products, including slippers, handbags, totes, insoles and more. For fiscal 2014 3Q and nine months, the company reported net sales of $26.1 million, up from $25.8 million for fiscal 2013 3Q, and net earnings per diluted share of $0.22, versus $0.13 per diluted share to the comparable period last year.