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Skullcandy Chooses Mill Road Capital Over Incipio

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Private equity firm Mill Road Capital appears to be the victor in the fight to acquire industry company Skullcandy.

Skullcandy said this morning that it has terminated its merger agreement with Incipio after Incipio did not up its $6.10 per share offer for Skullcandy.

Mill Road has bid $6.35 per share.

The Skullcandy board determined the Mill Road offer was superior and authorized the company to terminate its agreement with Incipio, pay Incipio a termination fee of $6.6 million and enter into a merger agreement with Mill Road.

Incipio owns several brands in the action sports space including Tavik and Incase.

Other Mill Road investments include the retailer Destination Maternity, Mother’s Market, Rubio’s Restaurants, and Galaxy Nutritional Foods.

Mill Road’s offer represents an approximately 43% premium over Skullcandy's closing share price on June 22, the last trading day prior to the first announcement of the Incipio merger agreement, according to Skullcandy.

The transaction with Mill Road is not subject to a financing condition.

 

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