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Chelsey withdraws Hanover Direct's 'going-private' offer

27
May '06
Hanover Direct Inc announced it had been advised on May 25th 2006 that discussions between Chelsey Direct LLC and the Special Committee of Independent Directors concerning Chelsey's proposal to take the company private at $1.25 per share had been terminated and as a result, the offer had been withdrawn.

In a communication to the company, Chelsey stated: "Due to the worsening operations of the company resulting from the matters as recently reported in the company's report for the first fiscal quarter, Chelsey has withdrawn its offer."

Previously the company reported that it had received a nonbinding proposal from Chelsey, the company's largest shareholder, to take the company private. The Special Committee was appointed to assess the proposed going private transaction.

Hanover Direct Inc provides quality, branded merchandise through a portfolio of catalogs and e-commerce platforms to consumers. Its portfolio of home fashion and apparel catalogs and Internet websites include Domestications, The Company Store, Company Kids, Silhouettes, International Male and Undergear.

The company also manufactures Scandia Down branded comforters that sell through specialty retailers and provides product fulfillment, telemarketing, information technology and e-commerce services to third party direct marketing businesses.

Hanover Direct Inc


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