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Goody's Goes Private

KNOXVILLE, TN-GF Acquisition Corp. completes its cash tender offer of $9.60 per share for nearly 90% of Goody Family Clothing Inc.

By Dana Dubriwny | Updated on December 27, 2005

KNOXVILLE, TN-GF Acquisition Corp. has completed its cash tender offer of $9.60 net per share for 89.3% of Goody’s Family Clothing Inc. The purchase by GF Acquisition, an affiliate of Prentice Capital Management, LP and GMM Capital LLC, will take the apparel retailer private.

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.

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