Goody's Family Clothing Reaches an Agreement in Principle to be Acquired
October 06 2005 - 6:30AM
PR Newswire (US)
KNOXVILLE, Tenn., Oct. 6 /PRNewswire-FirstCall/ -- Goody's Family
Clothing, Inc. (NASDAQ:GDYS) announced today that it has reached an
agreement in principle with an affiliate of Sun Capital Partners,
Inc. to be acquired for a cash price of $8.00 per share. It is
anticipated that definitive agreements will be executed within the
next 48 hours. The transaction, which will not be subject to
financing or due diligence, contemplates the prompt commencement of
a cash tender offer followed by a cash merger. Robert M.
Goodfriend, Chairman and Chief Executive Officer of Goody's, and
members of his family who beneficially own an aggregate of
approximately 42% of the outstanding shares, have also agreed in
principle to tender their shares in the transaction. The definitive
agreements with the Company and the Goodfriend family will be
subject to the continued support of the Goody's Board of Directors
in the exercise of its fiduciary duties. The agreements in
principle with the Sun Capital Partners, Inc. affiliate is also
subject to the final negotiation and execution of definitive
agreements which will be subject, among other things, to any
necessary regulatory clearances and other customary conditions.
Goody's has agreed that it will negotiate exclusively with the Sun
Capital Partners, Inc. affiliate. Goody's, headquartered in
Knoxville, Tennessee, is a retailer of moderately priced family
apparel, and with the temporary closure of six stores due to
hurricane damage, currently operates 368 stores in the 20 states of
Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina,
Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West
Virginia. DATASOURCE: Goody's Family Clothing, Inc. CONTACT: Edward
R. Carlin, Chief Financial Officer of Goody's, +1-865-966-2000
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