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Article Excerpt
Phoenix Footwear Group, Inc. announced today that it has sent a letter to the Board of Directors of Antigua Enterprises, Inc. (TSX Venture: ANE.V), in which Phoenix Footwear offered to acquire Antigua through a tax-free merger. The letter contemplates Phoenix Footwear acquiring all of Antigua's approximately 15,030,214 shares of outstanding common stock in exchange for 1,500,000 shares of newly issued Phoenix Footwear common stock and the cancellation of all outstanding Antigua options. As a result of the merger, all of Antigua's outstanding indebtedness (including approximately $18 million in long-term debt) would be carried over to the combined companies and then repaid. Prior to or at the time of the merger, Phoenix Footwear would effect a 3-for-1 forward stock split. After completion of the stock split and the merger, Phoenix Footwear anticipates having outstanding approximately 7,644,000 shares (excluding anticipated unallocated shares that will be held by Phoenix Footwear's defined contribution 401(k) savings plan). Thus, Antigua shareholders would receive approximately 20% of the post-closing equity in...
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