According to a statement from the company, "theGoody's board of directors has determined that thisnew offer would reasonably be expected to lead to asuperior proposal," and Goody's is initiating a 10-daydue diligence and negotiating period with the newbidder.
Early last week, Goody's signed an agreement with SunCapital Partners and by the end of the week, GMMCapital/Prentice Capital had stepped into thebattle for the chain, which operates 368 stores in the20 states.
The new bid for $8.85 per share is inline with theamount that the chain's stock is trading. The chainclosed at $8.72 per share, up 5% from Friday'strading. However, the chain's 52-week high is $11.10per share, and the 52-week low is $6.66.Goody's Family's chairman and CEO Robert M. Goodfriendand his family own 42% of the outstanding shares,according to a press release.
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