Vestis Retail Acquisition of Sport Chalet to Move Forward
As you know, Vestis Retail Group has been in the process of doing a tender offer for the shares of Sport Chalet. We learn this morning that they’ve acquired enough shares for the deal to go forward. Here’s a link to a press release making the announcement. And here’s a link to my original article explaining the deal.
I’m glad this got done. Last week, it wasn’t quite clear that they would get the shares needed for the non-family shareholders to get the offered $1.20 a share. If enough shares hadn’t been tendered, the offer was going to drop to $1.04 per share. Sports Chalet needed a deal and I think Vestis, with their other sporting good retail properties, can help Sports Chalet be successful.
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