To: Glenn Petersen who wrote (945 ) 2/1/2008 3:23:30 PM From: Glenn Petersen Respond to The Global Logistics (stock symbol: [t]GLA[/t] ) deal is in trouble and the GLA insiders are willing to give up 380,000 of their shares if an entity affiliated with the shareholders of its acquisition candidate purchases 2,380,000 shares owned by shareholders who have indicated that they will vote against the proposed transaction on February 7.Global Logistics Acquisition Corporation Announces Agreements of Certain Investors to Purchase Shares of Its Common Stock an entity affiliated with certain of the stockholders of The Clark Group, Inc. ("Clark") has agreed to use commercially reasonable efforts to purchase 2,380,000 shares of GLAC's common stock that were issued in its public offering from holders of such shares who have indicated their intention to vote against the proposal to approve GLAC's proposed acquisition of Clark that will be considered at GLAC's special meeting of stockholders scheduled to be held on February 7, 2008. The agreement also provides that the purchaser will use reasonable efforts to obtain proxies from the sellers so that the shares may be voted in favor of the proposal or to cause the sellers to so vote such shares. GLAC will grant the purchaser certain demand and piggy-back registration rights with respect to the shares following the closing of the proposed acquisition. The agreement with the purchaser also provides that certain of the GLAC founders will transfer 380,000 of their shares to the purchaser if the acquisition proposal is approved and the acquisition is consummated. Such transfer would be made at the time of the consummation of the acquisition, subject to six-month escrow and lock-up arrangements that were effected in connection with GLAC's initial public offering. The purchaser would also be granted demand and piggy-back registration rights with respect to such shares effective upon the expiration of such six-month period that are consistent with the registration rights the GLAC founders have with respect to their founder's shares. Additionally, in consideration for the purchaser agreeing to make the stock purchases, Stephens Inc. ("Stephens"), which has acted as financial advisor to Clark and its stockholders, has agreed to reduce its advisory fee payable by Clark's stockholders by approximately $1 million if the acquisition is successfully consummated.biz.yahoo.com
