Tuesday, April 24, 2007

Blair Shareholders Approve Merger

Today, Blair shareholders voted in favor of a merger agreement with Appleseed's Topco Inc. What does this mean to Blair.com Affiliates? The short answer is... nothing! Blair, and it's affiliate program, will continue to operate as a separate unit. This is an exciting opportunity and it should prove beneficial to Blair Corporation, Blair.com, and Blair.com Affiliates.

Here is the press release:

WARREN, Pa., (April 24, 2007) -- Blair Corporation (Amex: BL), (www.blair.com), a national multi-channel direct marketer of women's and men's apparel and home products, today announced that its shareholders have approved a definitive merger agreement with Appleseed's Topco Inc. at a special meeting of stockholders held in Warren. Under the terms of the merger agreement, Appleseed’s Topco, a portfolio company of Golden Gate Capital, will acquire all of the outstanding shares of Blair’s common stock for $42.50 per share in cash.

Approximately 76% of Blair’s total outstanding shares were voted for the approval of the transaction. Shareholder approval satisfies a required condition to the closing of the transaction.

“Blair shareholders clearly recognize the value of this merger,” said Blair President and Chief Executive Officer Al Lopez. “We look forward to completing the transaction and becoming part of Appleseed’s Topco.”

Pending satisfaction of other customary closing conditions, the transaction is anticipated to close within ten business days, at which time Blair’s common stock will cease trading. Following the close, Blair will operate as a wholly-owned subsidiary of Appleseed's Topco. It is expected that the combined entity will have annual revenue of over $1.1 billion.

Stephens Inc. served as financial advisor and Patton Boggs, LLP served as legal advisor to Blair Corporation.

No comments: