K2 Inc. has set the vote on the proposed acquisition of Rawlings Sporting Goods Inc. for March 26, 2003. The special shareholder meeting is scheduled to be held in Los Angeles, CA. Investors of record on February 24, 2003 will be eligible to participate in the vote.
Rawlings investors are scheduled to vote on the deal on the same date in Fenton, MO, where Rawlings is based.
Rawlings shareholders cannot receive less than $9 a share or more than $10 a share. The share exchange ratio of 0.95 K2 shares for each Rawlings share would be adjusted upward or downward depending on where K2 shares are trading immediately prior to the deal’s close to ensure the offer range.
Rawlings management rejected a competing $69 million cash deal from Daniel Gilbert, a 15% Rawlings stakeholder, opting instead for the $74 million K2 deal. Gilbert offered $8.50 a share.
