Brooks Brothers Starts Takeover Race With Sparc’s ‘Stalking-Horse’ Bid

Brooks Brothers Inc. reached a deal with Sparc Group LLC—the venture created by Authentic Brands Group LLC and mall owner Simon Property Group Inc.—to sell the company for $305 million. Sparc’s offer will be subject to higher and better bids due by Aug. 5 and has been designated as the “stalking horse,” setting a minimum for others to beat. The company has set a deadline of Aug. 11 to complete a sale to a buyer. Sparc…

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