The deal with Dreams Inc. (NYSE Amex: DRJ) based in Plantation is for $3.45 per share in cash, taking into account $25 million of outstanding debt, according to a company press release. The deal is a 32 percent premium over Dreams’ closing share price of $2.61 April 13.
The deal is subject to customary closing conditions, including the approval of Dreams’ shareholders and regulatory approvals, but is expected to close in the third quarter.
The merger allows Fanatics to accelerate investments in product assortment, mobile and e-commerce technology and a regional fulfillment infrastructure, said Fanatics CEO Alan Trager.
“Today is an exciting day for all sports fans,” said Trager. “We are bringing together two of the most passionate management teams in licensed sports products.”
Fanatics, based in Jacksonville, is an online retailer specializing in sports leagues and teams merchandise. The company was started by two brothers as a brick and mortar retail shop in 1995 to sell Jacksonville Jaguars merchandise. The company continues to operate two stores called Football Fanatics in The Avenues and Orange Park malls.
Fanatics was acquired by GSI Commerce in March of 2011 and then in June of 2011, after GSI Commerce was acquired by eBay Inc, was spun out as a standalone business owned by Kynetic, a Michael Rubin company which also owns Rue La La and ShopRunner.
Christian covers banking and finance, insurance, retail and restaurants and law
Want to increase growth and avoid losses? Want to out compete your competitiors? Want to bring new products and services to market faster? Want to be more agile? Contact Innovation and Growth Speaker Jim Woods. Jim works confidentially with start ups, governments as well as profit and for profit enterprises.
Visit our website:www.innothinkgroup.com Executive and Business Coaching: http://ow.ly/anBpK
Jim Woods is president and founder of InnoThink Group. A global management consulting firms specialized solely in helping organizations of all sizes in all industries catalyzing top line growth through strategic innovation and hypercompetition. Jim has over 25 years consulting experience in working with small, mid size and Fortune 1000 companies. He is a former U.S. Navy Seabee and grandfather of five. To arrange for Jim to speak at your next event or devise an effective growth strategy email or call us at 719-649-4118 for availability.james@innothinkgroup.com
Follow us on Twitter: http://ow.ly/anyCg
Follow us on LinkedIn: http://ow.ly/anyJu
Fan us on Facebook: http://ow.ly/anyQ7
No comments:
Post a Comment