Sports Authority (NYSE:TSA)
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From Jan 2020 to Jan 2025
The Sports Authority, Inc. (NYSE: TSA) today announced
that its acquisition by an investor group led by Leonard Green &
Partners, L.P. was approved today at a special meeting of
stockholders. The acquisition is expected to be completed within the
next few days.
Sports Authority said that, based upon the preliminary tally of
shares voted, approximately 21.5 million shares were voted at the
special meeting, representing approximately 81% of Sports Authority's
total outstanding shares. Of those shares voting at the special
meeting, approximately 21.3 million shares voted in favor of the
merger, representing approximately 80% million of Sports Authority's
total outstanding shares.
Under the terms of the merger agreement, Sports Authority
stockholders will receive $37.25 in cash for each share of Sports
Authority common stock held.
About The Sports Authority
The Sports Authority, headquartered in Englewood, CO, is one of
the nation's largest full-line sporting goods retailers offering a
comprehensive high-quality assortment of brand name sporting apparel
and equipment at competitive prices. As of April 29, 2006, The Sports
Authority operated 402 stores in 45 states under The Sports
Authority(R) and Gart Sports(R) names. The Company's e-tailing
website, located at www.thesportsauthority.com is operated by GSI
Commerce, Inc. under a license and e-commerce agreement. In addition,
a joint venture with AEON Co., Ltd. operates "The Sports Authority"
stores in Japan under a licensing agreement.
About Leonard Green & Partners, L.P.
Leonard Green & Partners is a Los Angeles-based private equity
firm specializing in organizing, structuring and sponsoring management
buy-outs, going-private transactions and recapitalizations of
established public and private companies. Leonard Green & Partners is
the largest private equity firm in Southern California managing
approximately $3.7 billion of private equity capital.
Forward-Looking Statements
This announcement contains, in addition to historical information,
certain forward-looking statements that involve risks and
uncertainties. Actual results could differ materially from those
currently anticipated as a result of a number of factors, including
risks and uncertainties discussed in Sports Authority's filings with
the Securities and Exchange Commission and the prospects of Sports
Authority's completion of the proposed acquisition by an investor
group led by Leonard Green & Partners. The risks in Sports Authority's
filings with the Securities and Exchange Commission include, among
other things, rapidly changing accounting rules, regulations and
interpretations, the competitive environment in the sporting goods
industry in general and in the specific market areas of Sports
Authority, consumer confidence, changes in discretionary consumer
spending, changes in costs of goods and services and economic
conditions in general, and in the companies' specific market areas and
unseasonable weather. Sports Authority assumes no obligation to update
any forward-looking statements as a result of new information or
future events or developments.