Zimmer Family Announces an Increase in the Offer Price for Shares of Reeds Jewelers, Inc. and an Extension of the Cash Offer Unt
29 Março 2004 - 7:46PM
PR Newswire (US)
Zimmer Family Announces an Increase in the Offer Price for Shares
of Reeds Jewelers, Inc. and an Extension of the Cash Offer Until
Friday, April 23, 2004 WILMINGTON, N.C., March 29 /PRNewswire/ --
Sparkle, LLC, a North Carolina limited liability company formed by
members of the Zimmer Family ("Sparkle"), announced today that it
has revised its tender offer to purchase all of the outstanding
shares of common stock of Reeds Jewelers, Inc. ("Reeds") not
currently held by Sparkle and its affiliates (the "Shares") by
increasing the tender offer price from $1.85 per Share to $2.05 per
Share, subject to the terms and conditions set forth in its Offer
to Purchase, as amended or supplemented, and the related Letter of
Transmittal for the tender offer. The revised tender offer, at
$2.05 per Share, represents an 11% increase over the original $1.85
per Share tender offer price and a 15% premium over the closing
price of $1.78 per Share on March 26, 2004 (based on the last trade
in the Shares at closingon March 26, 2004 having occurred on March
19, 2004 at $1.78 per Share), the last trading day prior to this
announcement. The $2.05 per Share price represents a premium of 85%
over the closing price of the Shares on December 1, 2003, the last
trading day prior to Sparkle's initial announcement of its
intention to commence the tender offer, and premiums of 87%, 85%,
and 86% over Shares' average closing price for the 90, 20, and 5
trading days ending on December 1, 2003, respectively. If the
tender offer is consummated in accordance with the terms and
conditions set forth in the Offer to Purchase, as amended or
supplemented, and the related Letter of Transmittal for the tender
offer, Reeds shareholders who have already validly tendered their
Shareswill receive the benefit of the $2.05 per Share price and
need not take any further action in order to do so. Sparkle will
supplement its Offer to Purchase and amend its tender offer
statement on file with the Securities and Exchange Commission
("SEC") shortly to reflect the increased price and other relevant
changes. In addition, the tender offer, which was scheduled to
expire at 5:00 P.M., New York City time, on Monday, March 29, 2004,
has been extended until and will expire at 5:00 P.M., New York City
time, on Friday, April 23, 2004, unless extended further as
described in the Offer to Purchase and any amendments or
supplements thereto. The depositary for the tender offer has
advised Sparkle that, as of 3:00 P.M., New York City time, today,
Monday, March 29, 2004, an aggregate of approximately 654,991
Shares had been tendered to Sparkle in the tender offer. NOTICE FOR
REEDS SHAREHOLDERS Reeds shareholders and other interested parties
are urged to read Sparkle's tender offer statement filed with the
SEC by Sparkle, Alan M. Zimmer, Herbert J. Zimmer, Jeffrey L.
Zimmer, Arlene Z. Schreiber, Rose W. Zimmer, Bradley Trent Zimmer,
Landon Garrett Zimmer, Andrew Michael Schreiber and Mark Harrison
Schreiber, and other relevant documents filed with the SEC because
they contain important information. Reeds shareholders will be able
to receive such documents free of charge at the SEC's web site,
http://www.sec.gov/ , or by contacting The Altman Group, Inc., the
Information Agent for the transaction, at (201) 460-1200 (banks and
brokers), and for all others, call toll free at (800) 249-7123.
DATASOURCE: The Zimmer Family CONTACT: Herbert J. Zimmer of the
Zimmer Family, +1-910-763-4669, Ext. 202 Web site:
http://www.reeds.com/
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