Business
Zodiac Partners II, LLC Provides an Update to its Previously Announced $46 million Tender Offer to Acquire Destination XL Group, Inc. for $0.82 Per Share in Cash
West Palm Beach FL, May 21, 2026 (GLOBE NEWSWIRE) -- Zodiac Partners II, LLC today provided an update to its previously announced all-cash tender offer to acquire all outstanding shares of Destination XL Group, Inc. (“DXLG” or “DXL”) for $0.82 per share. After positive dialogue with shareholders representing a meaningful amount of the shares outstanding, Zodiac will shortly file an amendment to its Schedule TO elaborating on all comments. Compelling All-Cash AlternativeZodiac’s offer was designe
About this update from Destination Xl Group, Inc.
[{"type":"text","content":"West Palm Beach FL, May 21, 2026 (GLOBE NEWSWIRE) -- Zodiac Partners II, LLC today provided an update to its previously announced all-cash tender offer to acquire all outstanding shares of Destination XL Group, Inc. (“DXLG” or “DXL”) for $0.82 per share. After positive dialogue with shareholders representing a meaningful amount of the shares outstanding, Zodiac will shortly file an amendment to its Schedule TO elaborating on all comments.","length":442,"tagName":"p"},{"type":"text","content":"Compelling All-Cash AlternativeZodiac’s offer was designed to give shareholders a superior all-cash option and provides an opportunity to realize immediate value at a large premium to the share price prior to announcement. As previously mentioned, Zodiac believes that the proposed merger with Full Beauty would add an unsustainable debt burden in a very uncertain macro environment. The proposed merger would add a material amount of debt to the combined entity’s balance sheet that would bear a high interest rate. Zodiac’s offer does not rely on future projections of synergy.","length":580,"tagName":"p"},{"type":"text","content":"Go-Forward Timeline Zodiac maintains that to date, DXL has refused to provide Zodiac access to a data room or the customary information required to remove conditionality from its offer. Zodiac Partners has previously approached the board privately with a detailed take-private proposal, however, after brief conversations, multiple requests for diligence access have been rebuffed and the current offer is therefore based solely on publicly available information. Notwithstanding this lack of access, Zodiac Partners remains fully prepared to proceed immediately and is confident it can execute a Definitive Agreement within 45 days of being granted appropriate access.","length":670,"tagName":"p"},{"type":"text","content":"Financing Zodiac notes that this offer still remains subject to a financing condition. While Zodiac’s Equity Commitment remains fully committed and not subject to conditions, no third-party can provide anything other than an indicative term sheet for Debt Financing at this time. Binding Debt Financing cannot be obtained without access to, and an appropriate timeline for, customary diligence.","length":395,"tagName":"p"},{"type":"text","content":"TermsThe updated offer is now scheduled to expire at 5:00 PM, ...