Reeds Jewelers Board Responds To Sparkle, LLC Tender Offer
05 Março 2004 - 7:23PM
PR Newswire (US)
Reeds Jewelers Board Responds To Sparkle, LLC Tender Offer
WILMINGTON, N.C., March 5 /PRNewswire-FirstCall/ -- Reeds Jewelers,
Inc. today responded to the Tender Offer from Sparkle, LLC for the
outstanding shares of Reeds Jewelers, Inc. not owned directly or
indirectly by Sparkle, LLC. On January 29, 2004, Sparkle, LLC, a
North Carolina limited liability company made an offer to purchase
for cash all the outstanding shares of common stock of Reeds
Jewelers, Inc. not owned by Sparkle, LLC or its subsidiaries at
$1.85 per share. Sparkle, LLC was formed by members of the Zimmer
family, the family which founded Reeds Jewelers, Inc., for purposes
of making the tender offer and taking Reeds Jewelers, Inc. private
or removing the shares from the public trading market. Since
certain members of Sparkle, LLC are also members of the Board of
Directors of Reeds Jewelers, Inc., Reeds' Board of Directors asked
the independent members of the Board of Directors of Reeds
Jewelers, Inc. to consider and respond regarding the Sparkle, LLC
tender offer. The independent members of the Board of Directors of
Reeds Jewelers, Inc. made its informed and unanimous response to
Reeds Jewelers, Inc., which the Reeds' Board unanimously adopted as
follows: THE BOARD OF DIRECTORS OF REEDS JEWELERS, INC. HAS
DETERMINED THAT IT WILL TAKE NO POSITION ON THE TERMS OF THE TENDER
OFFER MADE BY SPARKLE, LLC TO PURCHASE ALL OF THE SHARES OF REEDS
JEWELERS, INC. NOT OWNED DIRECTLY OR INDIRECTLY BY SPARKLE, LLC.
The Board of Directors of Reeds Jewelers, Inc. is taking "no
position" regarding the tender offer for the following reasons: (1)
the independent directors had determined to take "no position"
regarding the Tender Offer; (2) the position of the independent
directors should be the position of the Reeds' Board of Directors;
and (3) no independent investment analysis on behalf of Reeds was
performed. The Board is aware, however, that with the passage of
the Sarbanes-Oxley Act of 2002, the costs in termsof expense and
management time of maintaining the status of Reeds as a public
company have significantly increased. In addition, the Board is
aware that the shares are thinly traded and that the continued
listing on the American Stock Exchange is in question due, in part,
to the low price per share at which the stock has traded. The
determination by the Board to take "no position" means that the
shareholders should consider these factors, among other matters, in
deciding whether to tender Shares inresponse to the Offer. This
release includes certain forward-looking information that is based
on assumptions made by management and data currently available to
management. This information which has been, or in the future may
be, included in relianceon the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, is subject to a
number of risks and uncertainties, including but not limited to the
factors identified in the Company's 10-K and other documents filed
with the Securities and Exchange Commission. Actual results may
differ materially from those anticipated in such forward-looking
statements. The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events
or circumstances even if experience or future changes make it clear
that any projected results expressed or implied therein may not be
realized. DATASOURCE: Reeds Jewelers, Inc. CONTACT: Jim Rouse of
Reeds Jewelers, Inc., +1-910-350-3116 Web site:
http://www.reeds.com/
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