As previously reported in BOSS_0514, Dolphin Limited Partnership I, a minority investor in Johnson Outdoors, sent a letter two weeks ago to the company stating that they were prepared to offer Johnson Outdoors a transaction that they believe is “superior to the unsuccessful going private transaction”, a move that failed last month in part due to Dolphin’s efforts. The proposal included an offer to acquire approximately 1.5 million newly issued treasury Class B common shares at a per share price of $21.10. Dolphin proposed that each Class B common share would have 10 votes per share and would be convertible at any time into Class A common shares.

Earlier last week, Dolphin sent out a second letter to Johnson Outdoors, stating that they are now raising the offer from $21.10 to $21.75 per share, or from $31.7 million to $32.6 million. The other terms and conditions of the proposal remain the same. Dolphin also stated that they remain prepared to offer a higher price if the results of its diligence support a greater valuation. Dolphin also asked for an independent committee to be formed to evaluate the proposal. The offer expires at the close of business on April 21, 2005.

Dolphin’s proposal is approximately 15% above the market; 8% above the $20.10/share recently offered in the unsuccessful going private transaction and represents approximately 20% of JOUT's current market capitalization.