Headlines

Goody’s Chooses its Deal

Board to terminate Sun Capital offer

Published

19 years ago

October 24, 2005

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The board of directors of Goody's Family Clothing Inc. (Knoxville, Tenn.) has determined that an all-cash offer from Prentice Capital Management, LP and GMM Capital LLC is superior to the offer from Sun Capital Partners.

Accordingly, the board said it intends to terminate the merger agreement it signed with the Sun Capital affiliates earlier this month.

The Prentice/GMM offer requires that Goody’s chairman and ceo Robert Goodfriend and members of his family — who own an aggregate of approximately 42 percent of the company’s outstanding shares — tender their shares in the Prentice/GMM transaction.

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