Skullcandy (NASDAQ:SKUL) announces it received a revised takeover offer from Mill Road Capital Management LLC for $6.25 per share in cash.
The new proposal from Mill Road Proposal is substantively identical to the Mill Road Proposal from August 14, except that Mill Road indicated that it has received the approval of its proposed debt financing sources.
The Strategic Transactions Committee of the Skullcandy Board says it determined that the August 15 Mill Road Proposal was reasonably likely to lead to a "Superior Proposal." Skullcandy therefore intends to discuss and negotiate with Mill Road.
Source: Press Release
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