Concepts Direct Inc. chairman/president/CEO Phillip A. Wiland and his wife, Linda S. Wiland, submitted a non-binding letter of intent to the special committee of the board of directors to acquire the company for 68 cents per share pursuant to a cash merger, the company said Friday.
The Wilands indicated they or their affiliates would pay about 68 cents per share in cash, or about $2.11 million, to acquire the company based on the 3.11 million shares the Wilands do not own. The Wilands at closing would pay off the principal balance of about $1.29 million, plus all accrued interest, of a promissory note. The committee is evaluating the offer.
The company mainly sells personalized paper products and a line of merchandise that includes gifts, home decorative items, collectibles and apparel. Concepts Direct sells mainly via the Colorful Images, Linda Anderson, Snoopy etc., Garfield Stuff, Linda Anderson's Collectibles and the Music Stand catalogs.