Goody's Holdings Inc and Goody's Family Clothing Inc has informed that, in accordance with the terms of the Acquisition Agreement and Agreement and Plan of Merger, dated as of October 27, 2005, among Goody's, Goody's Holdings Inc and GF Acquisition Corp, a short-form merger of GF Acquisition with and into Goody's, with Goody's continuing as the surviving corporation in the merger, was completed on January 27, 2006.
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) was converted into the right to receive $9.60 per share, in cash, without interest.
The company has requested that NASDAQ delist Goody's Family Clothing Inc. as of the close of business today.
Goody's also announced that, in connection with the consummation of the merger, Samuel Furrow, Irwin Lowenstein and Robert Koppel, the remaining independent directors, have resigned their positions as directors of the company.
As previously reported, Isaac Dabah, a principal of GMM Capital and a director of Goody's, will serve as the chairman of the board. The other continuing members of the board of directors are Michael Zimmerman, Itzhak Weinstock and Gina Milanese.
Goody's, headquartered in Knoxville, Tennessee, is a retailer of moderately priced family apparel, and with the temporary closure of one store due tohurricane damage, currently operates 381 stores in the 21 states of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia.
Goody's Family Clothing Inc
marketing@alchempro.com
