Blair Corporation Announces Tender Offer for Blair Common Stock
Wednesday May 25, 5:58 pm ET
WARREN, Pa., May 25 /PRNewswire-FirstCall/ -- The Board of Directors of Blair Corporation (Amex: BL - News), ( www.blair.com ), a national multi-channel direct marketer of women's and men's apparel and home products, today announced its intention to initiate a stock tender buyback at $42 per share, for the purchase of approximately 4.4 million shares of Blair's outstanding common stock for an aggregate price of approximately $185 million. The Directors have agreed not to participate in the tender. The tender will begin on or about August 1, 2005 and will be completed shortly thereafter.
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As a result of this tender offer, two of Blair's major shareholder groups, Loeb Partners Corporation and Santa Monica Opportunity Fund L.P., have each separately agreed to enter into "standstill" agreements with Blair and tender all of their shares. As part of the standstill agreements, the two groups have agreed they will not attempt to exercise any control over management of Blair, they will vote in accordance with the board and management of Blair, and they will not acquire any additional shares of Blair for a period of five years.
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