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Victorinox Offers To Buy SABI
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Business New Haven
6/24/2002
By: BNH
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SHELTON - Swiss Army Brands Inc. (NASDAQ: SABI) earlier this month announced that the privately held Swiss company Victorinox AG has proposed to buy all of SABI's outstanding shares of common stock not held by Victorinox and its affiliates for a cash price of $9.00 per share. Following the announcement, shares of Swiss Army were halted on NASDAQ at $6.60 as SABI's board of directors considered the proposal.
Together, Victorinox and its affiliates currently own approximately 67 percent of Swiss Army Brands' outstanding common stock.
The Victorinox proposal is subject, among other things, to a minimum number of shares being tendered such that a majority of the shares currently outstanding and not owned by Victorinox and its affiliates are tendered. The proposal is not subject to any financing conditions. Victorinox also informed SABI directors that it reserves the right to amend or withdraw its proposal at any time at its sole discretion.
Swiss Army Brands is the exclusive U.S., Caribbean and Canadian marketer of Victorinox Original Swiss Army knives, multi-tools and SwissCards. In addition to its line of Swiss Army Brand watches, sunglasses and writing instruments, the company also markets Bear MGC knives and multi-tools as well as sublicenses the Victorinox Crest and the Victorinox trademark to select manufacturers for Victorinox travel gear and apparel.
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