Johnson Outdoors Inc. has received a nonbinding proposal to acquire outstanding shares of the company for a cash price of $18.00 per share. The proposal from Samuel C. Johnson (majority shareholder and director of Johnson Outdoors) and Helen Johnson-Leipold (Chairman and Chief Executive Officer, Johnson Outdoors) pertains to all shares of the Company not already owned by them or any member of their family or entities controlled by them.
According to the proposal, the intent is to return full ownership in Johnson Outdoors to the Johnson family, and for all other holders of outstanding common stock to receive cash for their shares, through a negotiated merger transaction. The proposal also states that Ms. Johnson- Leipold and Mr. Johnson have no interest in selling their shares and will not support an alternative transaction. The proposal further states that no changes are anticipated in the current business as a result of the proposed transaction.
In response to the proposal, the Board of Directors of Johnson Outdoors Inc. has appointed a special committee of independent directors to evaluate the proposal on behalf of the Company. The special committee has the authority to retain its own independent financial and legal advisors.
The annual meeting of Johnson Outdoors' shareholders is scheduled to be held on February 25, 2004. The Company will convene the meeting, but intends to adjourn, without conducting any business, to a date to be announced early next week. The Company will mail supplementary proxy materials to shareholders next week.
