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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 | ||||||||||||||
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