As a result of the merger, each remaining outstanding share of Goody's common stock (other than shares held by GF Acquisition Corp. and its affiliates) will be converted into the right to receive $9.60 per share, in cash, without interest.
Goody's also announced that, in connection with the consummation of the tender offer and upon the deposit of the payment for the shares with the depositary, 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.
Goody's, headquartered in Knoxville, Tennessee, is a retailer of moderately priced family apparel, and, with the closing of one store in Gainesville, Florida on November 26, 2005, currently operates 381 stores (compared with 359 stores at November 27, 2004).
GF Acquisition Corp, a Tennessee corporation, is a wholly owned subsidiary of Goody's Holdings Inc, a Delaware corporation. GF Acquisition Corp and Goody's Holdings Inc were formed for the purpose of entering into a business combination transaction with Goody's and have not carried on any activities other than in connection with the tender offer.
Goody's Family Clothing Inc
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