Blair Corporation intends to initiate stock tender buyback at $42 per share
26 May '05
3 min read
"blair will not accept loeb's recent offer to acquire the company," said john zawacki, president and ceo, blair corporation, "but will instead go forward with the repurchase of more than half of our shares. we believe the interests of our shareholders, a fundamental priority of the board, are best served by this stock tender buyback and the entrance into standstill agreements with two of our institutional investors.
we are very pleased to reward our long standing investors and are convinced that blair's dedication to our core customers and our independence as a warren-based company will maximize shareholder value for many years to come."
headquartered in warren, pennsylvania, blair corporation sells a broad range of women's and men's apparel and home products through direct mail marketing.
blair corporation employs more than 2,000 people and operates facilities and retail outlets in northwestern pennsylvania as well as a catalog outlet in wilmington, delaware. the company, which has annual sales of approximately $500 million, is publicly traded on the american stock exchange.
marketing@alchempro.com
