Bolle Inc. Signs Definitive Agreement With Worldwide Sports & Recreation, Inc. to be Acquired for $5.25 Per Share.DENVER--(BUSINESS WIRE)--Nov. 26, 1999-- Bolle Inc. (Amex:BLE), one of the world's leading eyewear brands, today announced the signing of a definitive agreement with Worldwide Sports & Recreation, Inc., a privately-held company funded primarily by Wind Point Partners, a private equity investment firm, under which Worldwide Sports & Recreation, Inc. will acquire Bolle Inc. for $5.25 per share in cash, via a tender offer and merger. The completion of the transaction is subject to various conditions, including Hart-Scott-Rodino clearance and the purchaser obtaining financing no later than January 15, 2000. The total value of the transaction, including assumed indebtedness, is approximately $85 million. The tender offer is expected to close during January, 2000. Martin E. Franklin, Chairman of Bolle Inc. commented, "Through this agreement, we believe that we will not only be delivering significant value to our shareholders, but also that the Company will be able to continue to implement its current growth strategies. Worldwide Sports & Recreation Inc. manages a strong portfolio of brand names, including Bushnell and Voit, and enjoys an outstanding reputation for high quality products. We are confident that they will continue to develop Bolle into a globally recognized active lifestyle brand." Mr. Franklin concluded, "Worldwide Sports & Recreation's proposal represented a 62% premium over the Company's share price on the day prior to the initial announcement of the transaction. In the board's opinion, and that of its financial advisor, Banc of America Securities, who rendered a fairness opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. on the transaction, this represents a fair valuation for the business today." Joe Messner, Chief Executive Officer of Worldwide Sports & Recreation added, "This is a significant first step towards building a portfolio of highly recognized worldwide sports brands. Bolle, founded over 100 years ago, has a heritage throughout the world for innovative high-quality optical products favored by active sports enthusiasts. Both Bushnell and Bolle target the same active lifestyle consumer, and together, we will be able to leverage our distribution strengths around the world. We welcome the management and employees of Bolle and value their participation in this exciting opportunity." Bolle Inc. (Amex:BLE), is a vertically integrated designer, manufacturer and marketer of Bolle(R) branded eyewear, including Bolle(R) premium sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses , goggles goggles, n the protective eyewear worn by dental personnel and patients during dental procedures. goggles see periocular leukotrichia. , and tactical and safety eyewear. Bolle is also the exclusive North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distributor of the Reusch line of winter gloves for sports. Worldwide Sports & Recreation Inc. ("WSR WSR Weather Surveillance Radar WSR West Somerset Railway WSR Weather Service Radar WSR Wirtschafts- und Sozialwissenschaftliches Rechenzentrum (Vienna, Austria) WSR Waverly-Shell Rock (Waverly, IA school system) ") is a branded durable consumer products company based in Kansas City, Kansas Kansas City, Kansas (KCK) is the third largest city in the U.S. state of Kansas and the county seat of Wyandotte County (WyCo); it is part of the "Unified Government"[2] which also includes the cities of Bonner Springs and Edwardsville. . WSR is a leading supplier of high quality sports optics including binoculars, telescopes, riflescopes and laser range finders marketed under the Bushnell, Voit and Bausch & Lomb brand names. Wind Point Partners is a private equity investment firm with offices in Chicago and Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. , that has successfully invested growth capital in more than 70 privately-held companies. Wind Point Partners focuses on partnering with experienced executives to buy private companies with significant growth opportunities across a variety of industries. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (statements which are not historical facts) in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Bolle Inc.'s actual results could differ materially from those expressed or indicated by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in fashion trends, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the retail industry, use of contract manufacturing and foreign sourcing, import restrictions, competition, seasonality and other factors. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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