Goody's(GDYS Quote) history as a publicly traded company ended Tuesday with two investment firms saying they own more than 95% of the company's outstanding stock after making a buyout offer.
Prentice Capital Management and GMM Capital said 89.3% of the retailer's outstanding stock was tendered into its $9.60-a-share offer. Together with shares already owned by Prentice, the firms now control 32.4 million shares, or 95.4% of the company's stock. As a result of the merger, each remaining outstanding share of Goody's common stock will be converted into the right to receive $9.60 per share, in cash, without interest. Goody's Robert M. Goodfriend resigned as chairman and chief executive. Isaac Dabah, a principal of GMM Capital, was named chairman. The stock was recently up 3 cents to $9.59. Get Jim Cramer's picks for 2006.- Loading Comments...
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