True Religion gets $826 million bid

A view of True Religion brand products at the GQ & Nordstrom Launch Pop-Up Store at Nordstrom's Treasure & Bond Store on Sept. 9, 2012 in New York City. Rob Kim/Getty Images GQ

VERNON, Calif. True Religion Apparel (TRLG) has agreed to a buyout offer of about $826 million from the investment management firm TowerBrook Capital Partners LP.

True Religion is best known for its high-priced denim. It had announced in October that it was exploring strategic options.

In March, its CEO Jeff Lubell stepped down and was named chairman emeritus and a creative consultant.

TowerBrook has investments in companies including Jimmy Choo and Odlo. It said Friday that it will pay $32 per share, which is a 9 percent premium to True Religion's Thursday closing price of $29.44.

The companies put the deal's total value at about $835 million.

FactSet says True Religion Apparel Inc. has approximately 25.8 million outstanding shares.

True Religion's board unanimously approved the transaction. It still needs approval from the Vernon, Calif., company's stockholders. Shares of the company were up over 7 percent at $31.59 in early trading Friday.

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