Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
GSI Commerce is planning to sell 2.8 million shares in a secondary offering at $14.84. Blair has announced its intention to buy back 4.4 million shares of outstanding common stock. SSA priced its IPO of 9 million shares at $11.
GSI Commerce Inc., provider of outsourced e-commerce technology and services, is planning to sell 2.8 million shares in a secondary offering at $14.84, the company says. It will sell 1.79 million shares owned by the company and 1.9 million owned by current stockholders, including Michael Rubin, chairman and CEO, SOFTBANK Capital Partners and Rustic Canyon Ventures. The offering is expected to close June 1.
Also on the stock front, Blair Corp., a mid-range retailer of men’s and women’s apparel and home furnishings, has announced its intention to buy back 4.4 million shares of Blair`s outstanding common stock at $42 per share for an aggregate price of $185 million. As a result of this tender offer, two of Blair`s major shareholder groups, Loeb Partners Corp. and Santa Monica Opportunity Fund L.P., have agreed they will not attempt to exercise any control over management of Blair, they will vote in accordance with the board and management of Blair, and they will not acquire any additional shares of Blair for five years.
"Blair will not accept Loeb`s recent offer to acquire the company," said John Zawacki, president and CEO, "but will instead go forward with the repurchase of more than half of our shares. We believe the interests of our shareholders are best served by this stock tender buyback and the entrance into standstill agreements with two of our institutional investors.”
In addition, Chicago-based SSA Global Technologies Inc., whose products include web-based supply chain technology for retailers and manufacturers, announced pricing of its initial public offering of 9 million shares at $11.
SSA Global provides systems for corporate performance management, customer relationship management, product lifecycle management, supply chain management and supplier relationship management. It has 63 locations worldwide and its products are used by 13,000 customers in 90 countries.