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Sports Authority gets approval from stockholders
03 May '06
2 min read
Sporting goods firm Sports Authority Inc announced that its acquisition by an investor group led by Leonard Green & Partners, L.P. was approved at a special meeting of stockholders. The acquisition is expected to be completed within the next few days.
Sports Authority said that, based upon the preliminary tally of shares voted, approximately 21.5 million shares were voted at the special meeting, representing approximately 81 percent of Sports Authority's total outstanding shares.
Of those shares voting at the special meeting, approximately 21.3 million shares voted in favor of the merger, representing approximately 80 percent million of Sports Authority's total outstanding shares.
Under the terms of the merger agreement, Sports Authority stockholders will receive $37.25 in cash for each share of Sports Authority common stock held.
The Sports Authority, headquartered in Englewood, CO, is one of the nation's largest full-line sporting goods retailers offering a comprehensive high-quality assortment of brand name sporting apparel and equipment at competitive prices.
As of April 29, 2006, The Sports Authority operated 402 stores in 45 states under The Sports Authority(R) and Gart Sports) names.
Leonard Green & Partners is a Los Angeles-based private equity firm specializing in organizing, structuring and sponsoring management buy-outs, going-private transactions and recapitalizations of established public and private companies.
Leonard Green & Partners is the largest private equity firm in Southern California managing approximately $3.7 billion of private equity capital.
Sports Authority said that, based upon the preliminary tally of shares voted, approximately 21.5 million shares were voted at the special meeting, representing approximately 81 percent of Sports Authority's total outstanding shares.
Of those shares voting at the special meeting, approximately 21.3 million shares voted in favor of the merger, representing approximately 80 percent million of Sports Authority's total outstanding shares.
Under the terms of the merger agreement, Sports Authority stockholders will receive $37.25 in cash for each share of Sports Authority common stock held.
The Sports Authority, headquartered in Englewood, CO, is one of the nation's largest full-line sporting goods retailers offering a comprehensive high-quality assortment of brand name sporting apparel and equipment at competitive prices.
As of April 29, 2006, The Sports Authority operated 402 stores in 45 states under The Sports Authority(R) and Gart Sports) names.
Leonard Green & Partners is a Los Angeles-based private equity firm specializing in organizing, structuring and sponsoring management buy-outs, going-private transactions and recapitalizations of established public and private companies.
Leonard Green & Partners is the largest private equity firm in Southern California managing approximately $3.7 billion of private equity capital.
Sports Authority Inc
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