Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Sport Supply Group, Inc.
March 15 2010 - 10:47PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Sport Supply Group, Inc. (“Sport Supply Group” or the “Company”)
(Nasdaq:RBI) related to the Company’s agreement to be acquired by
an affiliate of ONCAP Management Partners, L.P. (“ONCAP”).
Under the terms of the merger agreement entered into by the
parties, all of the outstanding shares of common stock of Sport
Supply Group, other than those held by certain participating
stockholders, will be acquired for $13.55 per share in cash. CBT
Holdings, LLC, (“CBT”), which beneficially owns approximately 16%
of Sport Supply Group’s outstanding common stock, and certain
members of Sport Supply Group’s management have entered into
agreements with ONCAP to exchange their Sport Supply Group common
stock and options, as applicable, for equity of the purchaser
entity. Carlson Capital, L.P., which beneficially owns
approximately 22% of Sport Supply Group’s outstanding common stock,
and CBT, have each entered into a voting agreement with ONCAP, and
have each agreed to vote their shares in favor of adoption of the
merger agreement. Completion of the transaction is expected to
occur in the second or third quarter of 2010. The investigation
concerns possible breaches of fiduciary duty and other violations
of law related to approval of the transaction by Sport Supply
Group’s board of directors.
If you own shares of Sport Supply Group, if you have information
or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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