Collegiate Pacific, Sport Supply Group Call Off MergerSchool sports DMers Collegiate Pacific Inc. and Sport Supply Group Inc. terminated their merger agreement, the companies said yesterday.
Instead, Collegiate Pacific, Dallas, has purchased 1.66 million additional shares of Sport Supply Group, Dallas, for $9.2 million. As a result, Collegiate Pacific's stake in Sport Supply is now at 72 percent.
The merger, which was announced in September, had "become unlikely to close in a timely fashion under previously contemplated terms," Collegiate Pacific president Adam Blumenfeld said in a statement. "Collegiate Pacific and SSPY will continue upon their previously announced track of maximizing operating synergies and savings between the companies."
Collegiate Pacific manufactures sports equipment and markets them to institutional and team dealer markets via 1.5 million catalogs annually. Sport Supply Group is a direct marketer and business-to-business e-commerce supplier of sporting goods and physical education equipment to the institutional and youth sports marketplace.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters