Investing.com -- Shares of Guess (NYSE:GES) Inc. rose on Thursday after a report said Authentic Brands Group is considering a rival takeover bid for the U.S. apparel company.
Guess shares were up 17% in afternoon trading, giving the company a market value of about $550 million.
Authentic Brands is working on a potential offer to counter the $13-per-share cash bid that Guess received in March from WHP Global, according to media report, citing people familiar with the matter.
Deliberations are ongoing and no final decision has been made, according to the report.
Only a month back Guess said it had formed a special committee of independent and disinterested directors to evaluate WHP Global’s offer
Founded in 1981 by the Mariano brothers, Guess’ products include denim, handbags and shoes.
