Varsity Brands, Inc. on Mopnday announced that a majority of its stockholders have approved the proposed acquisition of Varsity by an affiliate of Leonard Green & Partners, L.P. and Varsity senior management.
Upon the closing of the acquisition, Varsity will merge with a wholly owned subsidiary of an affiliate of Leonard Green & Partners, L.P. and Varsity senior management and Varsity will cease to be a publicly held company.
The closing of the transaction is subject to customary closing conditions as well as the successful completion of a tender offer for Varsity's outstanding 10.5% senior notes due 2007 and related consent solicitation.
The tender offer is currently scheduled to expire at 12:00 midnight, New York City time, on September 23, 2003. Varsity announced on September 11, 2003 that it had received the required consents to eliminate substantially all of the restrictive covenants of the indenture governing the senior notes and to make certain other amendments, as further detailed in the Offer to Purchase and Consent Solicitation Statement dated August 12, 2003.
Upon the successful consummation of the tender offer and subject to the satisfaction of all other terms and conditions set forth in the merger agreement, the parties intend to consummate the merger as soon as practicable after September 23, 2003.