THANKS FOR BEING PISSED! SOMETHING SHADY IS GOING ON! TNFI WITHDREW THE OFFER TODAY!
Friday March 5, 7:20 am Eastern Time
Company Press Release
SOURCE: The North Face, Inc.
The North Face, Inc. Announces Withdrawal of Tender Offer
CARBONDALE, Colo., March 5 /PRNewswire/ -- The North Face, Inc. (Nasdaq: TNFI - news) announced today that it has withdrawn its tender offer previously announced on Monday, March 1, 1999. The Company indicated that the reason for the withdrawal is that it is experiencing unexpected delays in preparing its audited financial statements for 1998, the resolution of which may also impact the Company's 1997 audited results. The Company stated that the Transaction Agreement between TNF Acquisition LLC, an affiliate of Leonard Green & Partners, L.P. and The North Face, Inc. which provides for a tender offer for all shares of the Company (other than shares held by an affiliate) at $17.00 per share in cash, remains in full force and effect.
Quote for reference ticker symbols: TNFI.
The North Face, Inc. designs and distributes technically sophisticated outerwear, snowsports apparel, functional sportswear, tents, sleeping bags, backpacks, daypacks, accessories and rugged footwear under The North Face name. Through its subsidiaries, La Sportiva s.r.L. and La Sportiva USA, the Company designs, manufactures and distributes rock climbing shoes, mountaineering boots and other rugged footwear under the La Sportiva name. The Company sells its products primarily to select specialty retailers throughout the United States, Europe and Canada.
SOURCE: The North Face, Inc. |
