Tropical plans to make a cash tender offer to Duck Head shareholders of $4.75 per share for the firm's 2.9 million outstanding common shares, which the Florida firm values at $16 million. Tropical would also assume Duck Head's debt of $4.8 million.
Duck Head had a cash balance of $5 million as of June 2 of this year, according to Tropical's statement filed with the US Securities and Exchange Commission. For the year ending June 30, Duck Head will report net sales of $45 million.
At the same time as the Tropical deal is unfolding, Duck Head is selling its 52-acre distribution center and headquarters building 20 miles north of Downtown Atlanta for $12.3 million.
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