Did you hear?... Ellett Brothers closes the books on a buyout offer/merger - SNEWS

Did you hear?... Ellett Brothers closes the books on a buyout offer/merger

In a deal first announced last year at this time, Ellett Brothers -- a distributor of outdoor sporting goods products located in Chapin, South Carolina -- has finally closed the books on a buyout offer/merger between Ellett Brothers and another company owned by Robert D. Gorham (Ellett's chairman of the board) and E. Wayne Gibson (chairman of Ellett's executive committee).
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In a deal first announced last year at this time, Ellett Brothers -- a distributor of outdoor sporting goods products located in Chapin, South Carolina -- has finally closed the books on a buyout offer/merger between Ellett Brothers and another company owned by Robert D. Gorham (Ellett's chairman of the board) and E. Wayne Gibson (chairman of Ellett's executive committee). Terms call for all Ellett Brothers shares not owned by the acquirers to be converted into the right to receive $3.20 cash per share. As a result, Ellett Brothers will become a private company once again. This buyout offer followed shortly on the heels of NADAQ delisting Ellett Brothers (formerly, ELET) late last August and then, in an ultimate slap, removing the company listing from even its Small Cap market. In its report to the SEC, Ellett Brothers estimated that the total financial tab, including stockholder buyouts and associated legal and administrative fees would total approximately $5.18 million. The company reported sales of $157.32 million at the end of fiscal year 2000. If you're interested in reading the full details of the deal, click on the following document in the SEC site: www.sec.gov/Archives/edgar/data/902055/000095014401507246/0000950144-01-507246.txt

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