Home / Knowledge / News / Fashion / Whitehall Jewellers - Prentice & Holtzman merger announced

Whitehall Jewellers - Prentice & Holtzman merger announced

06
Feb '06
Specialty retailer of fine jewelry, Whitehall Jewellers Inc announced that it has reached an agreement with Prentice Capital Management, LP ("Prentice") and Holtzman Opportunity Fund, LP to acquire Whitehall.

Prentice and Holtzman will commence a cash tender offer for all outstanding shares of Whitehall common stock at $1.60 per share, net to the seller in cash, subject to certain limited conditions.

The offer is expected to commence on or about February 8 and will remain open for a minimum of 20 business days.

Any shares not purchased in the offer will be acquired for the same price in cash in a second-step merger, subject to certain limited conditions.

After consultation with the Company's financial and legal advisors, the Board of Directors of Whitehall concluded that the previously announced Newcastle proposal no longer constitutes a "Superior Proposal" in light of the revised Prentice transaction.

In connection with the merger agreement, the parties are terminating the securities purchase agreement previously entered into with Prentice and Holtzman.

The special meeting of stockholders that was previously postponed to February 6, 2006 in connection with the Company's proxy and that securities purchase agreement has been cancelled.

The January 31, 2006 maturity of Whitehall's bridge term loan credit agreement dated October 3, 2005 is being extended for three years, subject to customary conditions, in connection with the merger agreement, and the Lenders are making an additional $20 million loan to Whitehall for working capital and general corporate purposes.


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Feb 2020

US surpasses China as India's biggest trading partner

The United States has surpassed China to become India's top trading...

Pic: Shutterstock

Textiles | On 25th Feb 2020

Coronavirus may shift buyers to Turkey, fuel cotton growth

The coronavirus outbreak will cause a possible shrinking of China's...

Pic: Shutterstock

Apparel/Garments | On 25th Feb 2020

Tough for Vietnamese firms to follow EVFTA rules of origin

Though Vietnamese textile and garment firms are aware of the...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Alon Moshe,

Alon Moshe

Israel-based Twine Solutions is a technology start-up that has developed a ...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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