Redcats Group has completed the acquisition of The Sportsman’s Guide, Inc. for a price of $31 per share that values The Sportsman’s Guide at approximately $265 million.
Following the approval of the transaction by the board of directors of The Sportsman’s Guide earlier in May and by the U.S. antitrust authorities, The Sportsman’s Guide’s shareholders approved the proposed merger at a Special Meeting on August 25, 2006. Based on the preliminary results announced at the meeting, the merger was approved by almost 99% percent of shares voted at the meeting representing almost 77% percent of the total shares outstanding. Letters of transmittal for the payment of the consideration will be mailed shortly to the shareholders.
Thierry Falque-Pierrotin, Chairman and CEO of Redcats Group, said “The acquisition of the Sportsman’s Guide in the U.S. enhances the international operations of Redcats. It is a fast growing and a web-driven business segment, especially the Golf Warehouse, a subsidiary of The Sportsman’s Guide specialized in golf equipment.”
Eric Faintreny, Chairman and CEO of Redcats USA, underlined the enthusiasm of the teams to work with The Sportsman’s Guide. He stated “We look forward to working together to take The Sportsman’s Guide and The Golf Warehouse to a further step of their development. These new brands ideally complete our existing portfolio and will contribute to reinforce Redcats USA’s presence on internet and fast growing businesses.”
