CVEO - Investment Group Sends "Expression of Interest" to Acquire Converse, Offers $30 Million for
Controlling Interest
Business/Retail Editors
NEW YORK--(BUSINESS WIRE)--Aug. 31, 2000--
CAK Universal Credit Corp is Investment Banker
to Potential Acquiror
A newly formed investment group, Amasia Capital, LLC, has
delivered a formal "expression of interest" to acquire a controlling
interest in sneaker and apparel manufacturer Converse Inc. (OTC
Symbol: CVEO). Amasia, which is represented by the investment banking
firm of CAK Universal Credit Corp. (UCC), wrote Converse management on
Wednesday, August 30, 2000, offering $30 million for a "controlling
interest" in Converse. Leon Black's Apollo Investment Fund, which owns
a controlling interest in Converse, also was sent a copy of the
letter.
Amasia Capital, LLC is backed by a leading national brand
management and licensing group. Brands owned and managed by Amasia
Capital's affiliates generate in excess of $3.5 billion of sales at
retail. Amasia believes its offer is far superior to any existing
offer made to Converse's shareholders and creditors. According to the
letter sent to Converse and Apollo, Amasia said it would provide $30
million to be used, among other things, for working capital for
Converse.
UCC is best known for its recent engineering of the leveraged
buyout of Bill Blass Ltd. and the innovative AAA bond financing for
U.S. performing rights Society SESAC.
--30--es/ny*
CONTACT: The Bromley Group Inc.
Alan Bromley
The Bromley Group Inc.
212/807-0878 x 12
alanb@bromley-group.com |
