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GF Acquisition extends stock purchase offer for Goody's Family Clothing
14 Dec '05
3 min read
GF Acquisition Corp, a wholly owned subsidiary of Goody's Holdings Inc announced that it is extending its offer to purchase all outstanding shares of common stock of Goody's Family Clothing Inc until 8:00 a.m., New York City time, on Tuesday, December 27, 2005.
The offer had previously been scheduled to expire on December 12, 2005. According to ComputerShare Shareholder Services Inc, the depositary for the offer, as of 5:00 p.m., New York City time, on December 12, 2005, 26,301,612 shares of common stock of Goody's Family Clothing, or approximately 79.26 percent of the 33,183,836 shares issued and outstanding, had been validly tendered and not withdrawn pursuant to the offer (including shares tendered via guarantee of delivery).
The 26,301,612 tendered shares exclude the 2,080,100 shares beneficially owned by Prentice Capital Management, LP.
GF Acquisition Corp also announced it has amended the terms of its offer to reflect the temporary injunction issued on December 9, 2005 by the Chancery Court for Knox County, Tennessee.
Such injunction directed that $1,000,000 of the tender offer proceeds be withheld from payment to Goody's shareholders, pending determination at a later hearing of the amount of attorneys' fees, if any, that plaintiffs' counsel are entitled to receive in connection with the previously announced shareholder litigation brought against Goody's and certain other defendants.
As a result of this injunction, the $9.60 per share offer price to be paid to Goody's' shareholders in the offer and merger will be reduced by approximately $0.03 per share, pending such later determination.
The offer had previously been scheduled to expire on December 12, 2005. According to ComputerShare Shareholder Services Inc, the depositary for the offer, as of 5:00 p.m., New York City time, on December 12, 2005, 26,301,612 shares of common stock of Goody's Family Clothing, or approximately 79.26 percent of the 33,183,836 shares issued and outstanding, had been validly tendered and not withdrawn pursuant to the offer (including shares tendered via guarantee of delivery).
The 26,301,612 tendered shares exclude the 2,080,100 shares beneficially owned by Prentice Capital Management, LP.
GF Acquisition Corp also announced it has amended the terms of its offer to reflect the temporary injunction issued on December 9, 2005 by the Chancery Court for Knox County, Tennessee.
Such injunction directed that $1,000,000 of the tender offer proceeds be withheld from payment to Goody's shareholders, pending determination at a later hearing of the amount of attorneys' fees, if any, that plaintiffs' counsel are entitled to receive in connection with the previously announced shareholder litigation brought against Goody's and certain other defendants.
As a result of this injunction, the $9.60 per share offer price to be paid to Goody's' shareholders in the offer and merger will be reduced by approximately $0.03 per share, pending such later determination.
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