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Article: Gander Mountain Receives $50 Million of Equity Financing and Names New Chairman.
- Article from:
- PR Newswire
- Article date:
- December 12, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ST. PAUL, Minn., Dec. 12 /PRNewswire-FirstCall/ -- Gander Mountain Company , today announced that David C. Pratt, founder of United Industries, has entered into an agreement to purchase 5,701,255 newly issued shares of common stock at a price of $8.77 per share for a total purchase price of $50.0 million. Mr. Pratt has also been elected chairman of Gander Mountain's board of directors, effective upon funding of the transaction which will occur on December 13, 2006. The Company also announced that it intends to open more than a dozen new stores in fiscal 2007 and upgrade a number of existing stores.
"This new infusion of capital solidifies the Gander Mountain ...