Purchasing more than 30 million shares, the buyout equates to more than $290 million. Together with shares contributed by Prentice, GF Acquisition Corp. now owns an aggregate of 32.44 million shares, representing 95.4% of the outstanding common stock of Goody's.
Shares not included in the offer will be converted into the right to receive $9.60 per share following GF Acquisition's merger with Goody's. The merger is expected to close on or after Jan. 27.
Goody's also announced that Robert M. Goodfriend is resigning from his positions as chairman of the board, director and chief executive officer of Goody's, and Cheryl L. Turnbull, one of the four independent directors, is resigning from her position as a director of the company.
Isaac Dabah, a principal of GMM Capital, is becoming a director of Goody's and will serve as the chairman of the board. Additionally, Michael Zimmerman, Itzhak Weinstock and Gina Milanese are being added to the board of directors of Goody's.
Goody's is a retailer of moderately priced family apparel. Currently, the retailer operates 381 stores in the 21 states.
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