Home / Knowledge / News / Fashion / Whitehall Jewellers & Newcastle yet to hammer out tender deal

Whitehall Jewellers & Newcastle yet to hammer out tender deal

06
Jan '06
Whitehall Jewellers Inc announced that it has been advised by Newcastle Partners, L.P. ("Newcastle") that it does not have a firm commitment to fund its proposed tender offer and merger, but that it was revising its tender offer to $1.50 per share, including the conditions thereto such as the refinancing of or consent under the Company's senior credit facility.

The Board of Directors will disclose its position with respect to the revised tender offer and the reasons therefore following its review of the terms of Newcastle's revised offer. In the meantime, the Company urges its stockholders to take no action with respect to Newcastle's tender offer.

Whitehall's Board of Directors had previously determined that it cannot consider any proposal that does not have a firm commitment for the refinancing, an agreement with the Company's vendors for the payment of amounts owed to them and the necessary committed funds to close the transaction.

The Company has engaged in numerous discussions with Newcastle about potential financing. Newcastle has failed to demonstrate its ability to refinance the Company's outstanding debt and expected financing needs.

The Company has repeatedly requested such information over the past month and most recently requested evidence of a binding commitment for the refinancing be provided no later than January 4, 2006.

Instead, Newcastle chose to make yet another offer, first in a press release, still failing to address these fundamental issues.


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Feb 2020

An Industry Goes Viral

When the novel coronavirus, now called COVID-19, was first detected...

Pic: Shutterstock

Textiles | On 20th Feb 2020

Rising global import of sacks and bags

Overall trade of sacks and bags (for packaging of goods) has been...

Pic: freemind-production / Shutterstock.com

Retail | On 20th Feb 2020

Authentic Brands announces acquisition of Forever 21

Authentic Brands Group (ABG), a global brand development, marketing,...

Interviews View All

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Footwear industry, Head honchos

Footwear industry
Head honchos

Personalised and differentiated footwear is in high demand

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Alphonse Reddy,

Alphonse Reddy

Bangalore-based Sunday designs and makes mattresses and accessories that...

Fabio Grandis,

Fabio Grandis

Italian company Grandis SRL has been operating in the textile industry for ...

Francesco Gozio,

Francesco Gozio

Italian company Marzoli is a leading manufacturer of the complete line of...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search