Bankrupt Retailer Gander Mountain Files Stalking Horse Bid by Gordon Brothers, Hilco Merchant Resources JV.
31 March 2017 - Bankrupt outdoor retail network Gander Mountain Co has filed a stalking horse bid by a joint venture comprised of Gordon Brothers and Hilco Merchant Resources to purchase substantially all of its assets, the company said.
The filing was made as part of the company's proceedings under Chapter 11 of the United States Bankruptcy Code.
In its filing, the company noted that the stalking horse agreement and bid procedures were designed to facilitate a seamless sale of the company as a going-concern.
The agreement satisfies one of the company's planned milestones and ensures operational continuity necessary to support a successful sale.
Gander Mountain believes it has substantial market value to strategic buyers and that TODAY's agreement provides a competitive baseline to evaluate subsequent offers and maximize value to its stakeholders.
The company and its advisors remain in discussions with a number of interested parties that are engaged in due diligence in an effort to finalize proposals, offers and bids.
As previously announced, the company expects to continue these efforts prior to an auction to be held in late April 2017. The company expects to submit the winning bid to the Court for approval in early May and anticipates a closing of the sale by May 15.
The agreement was filed in the US Bankruptcy Court for the District of Minnesota, case numbers 17-30673 and 17-30675.
Gander Mountain is the nation's largest outdoor retail network with stores across 27 states. We are a fully integrated Omni-Channel retailer dedicated to servicing the hunting, camping, fishing, shooting sports, and outdoor products markets.
Target: Gander Mountain Co
Buyer: Gordon Brothers and Hilco Merchant Resources
Deal size in USD:
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Mar 31, 2017|
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