Gander Mountain, the outdoor sports retail company based in St. Paul, announced this morning that it will go private, ending its public company status.
In a press release, the company said:
Gander Mountain’s board of directors decided to pursue taking the company private after concluding that the disadvantages of remaining an SEC-reporting company, including the costs associated with ongoing regulatory requirements, outweighed the benefits of public company status to the company and its shareholders.
The stock closed at $3.82 on Friday, but the offer to buy shares for the privatization is $5.15.
Said the company:
Under Minnesota law, Gander Mountain’s board may amend its articles of incorporation to conduct the stock splits without the approval of the company’s shareholders, therefore it is not seeking the approval of the going-private transaction from our shareholders.