02.05.2006 16:43:00
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Sports Authority's Stockholders Approve Acquisition by Investor Group Led by Leonard Green & Partners, L.P.
Sports Authority said that, based upon the preliminary tally ofshares voted, approximately 21.5 million shares were voted at thespecial meeting, representing approximately 81% of Sports Authority'stotal outstanding shares. Of those shares voting at the specialmeeting, approximately 21.3 million shares voted in favor of themerger, representing approximately 80% million of Sports Authority'stotal outstanding shares.
Under the terms of the merger agreement, Sports Authoritystockholders will receive $37.25 in cash for each share of SportsAuthority common stock held.
About The Sports Authority
The Sports Authority, headquartered in Englewood, CO, is one ofthe nation's largest full-line sporting goods retailers offering acomprehensive high-quality assortment of brand name sporting appareland equipment at competitive prices. As of April 29, 2006, The SportsAuthority operated 402 stores in 45 states under The SportsAuthority(R) and Gart Sports(R) names. The Company's e-tailingwebsite, located at www.thesportsauthority.com is operated by GSICommerce, Inc. under a license and e-commerce agreement. In addition,a joint venture with AEON Co., Ltd. operates "The Sports Authority"stores in Japan under a licensing agreement.
About Leonard Green & Partners, L.P.
Leonard Green & Partners is a Los Angeles-based private equityfirm specializing in organizing, structuring and sponsoring managementbuy-outs, going-private transactions and recapitalizations ofestablished public and private companies. Leonard Green & Partners isthe largest private equity firm in Southern California managingapproximately $3.7 billion of private equity capital.
Forward-Looking Statements
This announcement contains, in addition to historical information,certain forward-looking statements that involve risks anduncertainties. Actual results could differ materially from thosecurrently anticipated as a result of a number of factors, includingrisks and uncertainties discussed in Sports Authority's filings withthe Securities and Exchange Commission and the prospects of SportsAuthority's completion of the proposed acquisition by an investorgroup led by Leonard Green & Partners. The risks in Sports Authority'sfilings with the Securities and Exchange Commission include, amongother things, rapidly changing accounting rules, regulations andinterpretations, the competitive environment in the sporting goodsindustry in general and in the specific market areas of SportsAuthority, consumer confidence, changes in discretionary consumerspending, changes in costs of goods and services and economicconditions in general, and in the companies' specific market areas andunseasonable weather. Sports Authority assumes no obligation to updateany forward-looking statements as a result of new information orfuture events or developments.
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