Pickerington, OH—RG Barry Corp. today announced that its board of directors formed a committee of independent directors to review a $228.4 million offer by a private investment company to take the accessories company private.
Mill Road Capital, which already owns an 8.57% stake in RG Barry, reportedly made the offer believing that RG Barry would be better able “to realize its full potential as a private entity.”
Mill Road argued that the company, which plans to continue growing through acquisitions, has been slow to deliver results to investors and that remaining publicly traded would result in regulatory costs and other expenses disproportionate to the size of the business.
The committee has retained Peter J. Solomon Company, L.P. to assist it in evaluating the proposal. While RG Barry said it wouldn’t be commenting on or providing further updates on the status of the Mill Road proposal, the committee “intends to evaluate the proposal in a timely matter.”
RG Barry brands include Dearfoams slippers, baggallini handbags, totes and travel accessories, and Foot Petals insoles and comfort products. www.rgbarry.com