Ioman
09-29-2003, 03:03 PM
Good Guys Inc., the electronics retailer, said Monday it agreed to be purchased by computer store chain CompUSA for about $55 million in cash.
CompUSA agreed to buy Nasdaq-traded Good Guys (GGUY: up $0.49 to $1.99, Research, Estimates) for $2.05 a share, a 37 percent premium to its closing price of $1.50 a share on Friday. Good Guys, with about 27 million shares outstanding, will become a wholly owned subsidiary of CompUSA and continue to operate under the Good Guys name, it said.
CompUSA also invested $5 million in a Good Guys two-year unsecured subordinated note convertible at $2.05 a share, Good Guys said.
"Our combination with CompUSA should greatly strengthen the resources of the company and enhances the company's prospects for future success," San Francisco-based Good Guys stated.
From Reuters
CompUSA agreed to buy Nasdaq-traded Good Guys (GGUY: up $0.49 to $1.99, Research, Estimates) for $2.05 a share, a 37 percent premium to its closing price of $1.50 a share on Friday. Good Guys, with about 27 million shares outstanding, will become a wholly owned subsidiary of CompUSA and continue to operate under the Good Guys name, it said.
CompUSA also invested $5 million in a Good Guys two-year unsecured subordinated note convertible at $2.05 a share, Good Guys said.
"Our combination with CompUSA should greatly strengthen the resources of the company and enhances the company's prospects for future success," San Francisco-based Good Guys stated.
From Reuters