In a press release today, Tarrant Apparel Group (TAGS) announced it is essentially being bought out by the owners of “Sunrise Acquisition Company, LLC.”  The deal agreement calls for paying $0.85/sh for TAGS.

“Under the terms of the merger agreement, upon consummation of the merger of Sunrise Merger Company with and into Tarrant Apparel Group, all of the outstanding shares of Tarrant Apparel Group, other than the shares held by Mr. Guez and Mr. Kay, will be acquired by Sunrise Acquisition Company, LLC for a price per share of $0.85 in cash.”

I am not sure on the target date.  I will post that when I have it.

My entry price (2/27/2009) is $0.72/sh (or roughly a 18% ROI when said deal goes through).