Gander Mountain (Nasdaq: GMTN) said it intends to withdraw its shares of common stock from listing on the Nasdaq Global Market to start its transition to a private company in the middle of January.
The company said it will begin a 1-for-30,000 stock split that will pay $5.15 a share to investors holding fewer than 30,000 shares apiece. The reverse split, expected to start Jan. 14, will drop the number of shareholders to less than 300.
The company’s two largest shareholders -- Gratco and Holiday Stationstores -- expect to spend about $25 million to buy out smaller investors. Gratco is an affiliate of Gander Mountain’s chairman and interim CEO, David Pratt, and Holiday Stationstores is an affiliate of Ronald Erickson, Gander Mountain’s vice chairman and founder, and Gerald Erickson, a director of the company.
--Compiled by Wendy Geister
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