Outdoor financials: Law office investigating Gander Mountain's bid to go private, plus Amer Sports
Gander Mountain's board of directors is under investigation, following the recent announcement on its intentions to take the company private, and Amer Sports hired its first-ever chief development officer.
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Law office investigating Gander Mountain’s bid to go private
Following the recent announcement on its intentions to take the company private, Gander Mountain’s (Nasdaq: GMTN) board of directors is under investigation from the law office of Brodsky & Smith LLC.
The company’s board approved a 1-for-30,000 reverse stock spilt of company common stock. After the reverse stock split, any shareholder holding less than one share will receive a cash payment of $5.15 for each share held prior to the reverse split.
Gander Mountain said Gratco and Holiday Stationstores — the company’s two largest shareholders — have agreed to make an offer to purchase shares held by remaining shareholders. They will make the offer following the transaction to go private at the same price of $5.15 per share following effectiveness of the stock spilt.
The investigation concerns whether the board breached their fiduciary duties given that Gander Mountain stock traded at $5.62 on Aug. 31, 2009, and $6.39 on June 8, 2009, according to a release from Brodsky & Smith.
Amer Sports hires first-ever chief development officer
To strengthen Amer Sports’ management in strategic planning and execution, it said it has named Antti Jaaskelainen as the company’s chief development officer. It is a newly created position and he will start on Dec. 1.
Jaaskelainen is joining Amer Sports from Stora Enso Group, where he currently works as senior vice president and head of the biorefining unit and previously served in those positions in group strategy. He has also worked at McKinsey & Company and at Nokia.
Jaaskelainen also will be a member of the company’s executive board.
Amer Sports is parent of Salomon, Arc’Teryx and Suunto, among others.
–Compiled by Wendy Geister
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