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More Goody’s

Retailer receives new takeover bid, may break its agreement with Sun Capital

Published

19 years ago

October 17, 2005

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Goody’s Family Clothing Inc. (Knoxville, Tenn.), the discount apparel retailer that signed an agreement and plan of merger a week ago from with affiliates of Sun Capital Partners Inc. (Boca Raton, Fla.), has announced receipt of an acquisition proposal from a second competitive bidder.

This unnamed bidder had previously submitted a proposal to acquire Goody’s a few hours after Goody’s signed agreement with Sun Capital, on Oct. 7, 2005, but before the merger agreement had been made publicly available.

Goody’s board of directors has determined that this new offer would lead to a superior proposal, taking into account Goody’s obligations to pay a termination fee and expenses under the previous agreement.

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