Key Developments For Gander Mountain Company
Gander Mountain Company (GMTN.O) (Consolidated Issue listed on NASDAQ Global Market)
Wolf Haldenstein Investigates Gander Mountain Company Proposed Acquisition
The law firm of Wolf Haldenstein Adler Freeman & Herz LLP is investigating possible breaches of fiduciary duty by the Board of Directors of Gander Mountain Company arising out of the proposed going-private transaction of Gander Mountain. On September 28, 2009, Gander Mountain announced that it would effect a 1-for-30,000 reverse stock split of its common stock and that any shareholder holding less than 1 share would receive $5.15 per share for each share held prior to the reverse split. Shareholders holding 30,000 or more shares prior to the reverse split would remain shareholders in the Company. The funding for the cash payment for the fractional shares described above will be provided by the Company's two largest shareholders, Gratco LLC and Holiday Stationstores, Inc. Pursuant to this proposed going-private transaction, the Company may be unlawfully harming Gander Mountain shareholders holding under 30,000 shares.
Stull, Stull & Brody Announces Investigation On Behalf Of Shareholders Of Gander Mountain Company
Attorney Advertising. Notice is hereby given that Stull, Stull & Brody has commenced an investigation on behalf of shareholders of Gander Mountain Company for possible breaches of fiduciary duty and other violations of state law in connection with a 1 for 30,000 reverse stock split in a going private transaction approved by the Company's Board of Directors in which the Company's two largest shareholders will pay $5.15 per share to shareholders who own fewer than 30,000 shares and shareholders of 30,000 shares or more will retain their shares. The investigation concerns the price to be paid to Gander shareholders and the process by which Gander`s Board of Directors is addressing the transaction. Gander`s shares traded at $6.49 per share as recently as June 29, 2009 and the Company has a book value of $6.37 per share.
Gander Mountain Company Announces Intent to Go Private
Gander Mountain Company announced its intent to cease its public company status. A special committee of the Company's Board of Directors, comprised of independent directors, has recommended, and the Board of Directors has approved, plans to cease the registration of its common stock with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The Company expects that, as a result of this deregistration, its shares of common stock will cease to be listed on the Nasdaq Global Market. The Company's two largest shareholders have agreed to make an offer to purchase shares held by remaining shareholders following the going private transaction at the same price of $5.15 per share following effectiveness of the stock splits.
Gander Mountain Company Issues Q4 2008 Revenue Outlook Above Analysts' Estimates
Gander Mountain Company announced that for fourth quarter 2008, it expects consolidated sales of approximately $333 million compared to consolidated sales of $318 million for the fourth quarter of fiscal 2007, a 4.9% increase. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $320 million for fourth quarter 2008, ending in January 2009.
Gander Mountain Company Issues Q3 2008 Guidance; Net Income Guidance Below Analysts' Estimates
Gander Mountain Company announced that for third quarter 2008 it expects consolidated sales of approximately $270 million and consolidated net income of approximately $0.70 million. According to Reuters Estimates, analysts are expecting the Company to report revenue of $272 million and net income of 1.4 million for third quarter 2008.
