Goody's had previously entered into an Agreement and Plan of Merger with certain affiliates of Sun Capital Partners IV on October 7, 2005, at a cash price of $8.00 per share. Goody's received an all cash offer of $8.85 per share from GMM and Prentice on October 23, 2005 and its Board of Directors determined that such offer was a Superior Proposal (as such term is defined in the Agreement and Plan of Merger with the Sun Capital affiliates).
As required under the merger agreement with the Sun Capital affiliates, Goody's provided four-business-day's notice to the Sun Capital affiliates that it intended to terminate the merger agreement with the Sun Capital affiliates at the close of business on October 27, 2005, on the basis of its receipt of a Superior Proposal.
Based in Knoxville, Tenn., Goody's is a retailer of moderately priced family apparel. The company currently operates 374 stores in the 20 states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, Louisiana, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Goody's Family Clothing Inc
marketing@alchempro.com
