Shareholders vote in favour of offer
Tommy Hilfiger shareholders have voted to accept a bid from private equity group Apax Partners.

On December 23, funds advised by Apax made an offer of US$1.6 billion (£858.4 million) for the US fashion company, amounting to US$16.80 (£9.01) per ordinary share.

There were 55.5 million votes in favour, 7.5 million votes against and 2,050 abstentions.

The company will cease trading on the New York stock exchange at close today.

Apax partner Michael Phillips said: 'As a private company with a powerful global brand, Tommy Hilfiger Corporation will have greater flexibility to grow the business on both the operational and financial levels.'

Earlier this year the fashion brand said it would set aside US$12 million (£6.4 million) to retain key staff after its sale to Apax Partners. Principal designer and namesake Tommy Hilfiger will stay at the company.

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