Cutter & Buck completes merger with New Wave Group
11 Jun '07
2 min read
Cutter & Buck Inc announced that it has closed the previously announced transaction with New Wave Group AB (Publ). At a special meeting of shareholders held at the Company's headquarters, in excess of 99% percent of the votes cast (over 77% percent of the outstanding shares of the Company's common stock) were voted in favor of the transaction.
Following receipt of shareholder approval for the transaction at the special meeting, Newport Acquisition Corporation, a wholly owned subsidiary of New Wave, was merged with and into Cutter & Buck, and Cutter & Buck became a wholly owned subsidiary of New Wave.
The Company's prior shareholders will receive $14.38 in exchange for their shares of Cutter & Buck common stock. Cutter & Buck will continue its operations in Seattle, Washington.
"We are pleased that our shareholders viewed the transaction with New Wave to be the right move for our Company," said Ernest R. Johnson, Cutter & Buck's Chief Executive Officer. "By completing the merger, we have put Cutter & Buck into position to move forward with a strong partner and the potential for a substantial market presence in Europe."
Shareholders will receive written instructions from the Paying Agent with respect to the proper method of exchanging stock certificates for the merger consideration. Pending receipt of such instructions, shareholders should not forward stock certificates to the Company.
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