Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KNOXVILLE, TN-The joint venture of GMM Capital LLC andPrentice Capital Management LP that is acquiringGoody’s Family Clothing Inc. has agreed to set aside$1 million of the deal’s proceeds to deal with legalfees.

The decision was compelled by a temporary injunctionissued by the Chancery Court for Knox County, TNregarding fees associated with shareholder litigationbrought against the regional department store chain.

As a result of $1 million contingency, the $9.60 pershare offer price offered by GMM Capital and PrenticeCapital will be reduced by approximately 3 centsper share.

Additionally, the joint venture has extended itsbuyout offer until Dec. 27, 2005. The offer hadpreviously been scheduled to expire on Dec. 12, 2005.To date, roughly 79.3% of Goody’s 33.2 millionoutstanding shares had voted for the acquisition.

GMM Capital and Prentice Capital’s offer was one ofthree competing bids for the Goody’s, which currentlyoperates 381 stores in 21 states across the South and southeastern United States.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.