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Analysts Speculate that Clothing Maker Tropical Sportswear May Be for Sale.
Knight Ridder/Tribune Business News, June, 2003
By Cherie Jacobs, Tampa Tribune, Fla. Knight Ridder/Tribune Business News
Jun. 3--TAMPA, Fla.--Clothing manufacturer Tropical Sportswear International Corp. has sold its Duck Head brand clothing, and it has hired an investment bank to help increase the company's value.
Analysts said that means Tropical Sportswear is likely for sale.
Shares of Tropical Sportswear rose on the news, closing Monday on the Nasdaq at $7.11, up $1.27, or nearly 22 percent, at volume significantly higher than normal.
Hiring Merrill Lynch was a move to increase share price, officials said.
"We're going to look at different options," Chief Executive Officer Chris Munday said Monday. "We could look at selling, we could look at merging, we could...
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