Pacquiao vs. Barrera II - GBP And Top Rank Reach Settlement
Golden Boy Promotions and Top Rank have reached a settlement of the various legal disputes including that pertaining to Manny Pacquiao. Bouts between Manny Pacquiao and marquee boxing fighters under contract to Golden Boy will be co-promoted by Golden Boy and Top Rank. Fights between Manny Pacquiao against fighters other than Golden Boy fighters will be promoted by Top Rank with Golden Boy retaining a promotional interest.
Article posted on 30.06.2007
The first fight which will be presented under this arrangement will be Manny Pacquiao vs. Marco Antonio Barrera on October 6, 2007 at Mandalay Bay Hotel and Casino in Las Vegas. Richard Schaefer, CEO of Golden Boy, and Bob Arum, CEO of Top Rank, both agreed that the settlement will be great for boxing as Top Rank fighters will be taking on Golden Boy boxing fighters in the months and years ahead.
All other details of the settlement are confidential.
GOLDEN BOY ENTERPRISES WATCHES ITS INVESTMENT IN EVERLAST WORLDWIDE
Los Angeles, CA - Golden Boy Enterprises, LLC, an entity controlled by Oscar de la Hoya and holder of approximately 4.9% of the outstanding stock of Everlast Worldwide Inc. (NASDAQ NM, EVST), announced today it is watching with interest the developments surrounding its investment in Everlast.
On June 1, 2007 Everlast announced that it had entered into an agreement to be acquired by The Hidary Group for $26.50 per share. Golden Boy opposed this transaction because it believed that the sale process was flawed and not conducted to maximize shareholder value because Everlast did not conduct a full action or fully explore other options to increase shareholder value. Instead, Everlast negotiated with a single party and agreed to pay the buyer a minimum $3.0 million break up fee before seeking other potential buyers.
On June 28, 2007 Everlast announced that it has terminated the agreement with The Hidary Group and entered into an agreement to be acquired by Brands Holding Limited for $30.00 per share.
Golden Boy will review the agreement with Brands Holdings before determining whether or not to support the transaction.
About Golden Boy Enterprises:
Golden Boy Enterprises is a diversified holding company of legendary Olympic Gold Medal winner, ten-time world Champion and Grammy nominated recording artist Oscar de la Hoya. Its principle assets include a bi-coastal portfolio of real estate and various entertainment, sports, media and financial services related participations with a main focus on the growing U.S. Hispanic Market. Golden Boy Enterprises LLC is as well the principal shareholder of Golden Boy Promotions, the leading boxing promotion company with over 40 fighters under contract.
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