Shamrock to Acquire Sound Warehouse For $25.65 a Share, or $132.5 Million

Shamrock Holdings Inc. said it signed a definitive agreement to acquire Sound Warehouse Inc., a Dallas-based chain of 121 music and home video stores, for $25.65 a share, or about $132.5 million. Shamrock said the proposed acquisition won't have any affect on its $2.6 billion takeover bid for P...

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Bibliographic Details
Published inThe Wall Street journal. Eastern edition
Main Author By David J. Jefferson and Karen Blumenthal
Format Newspaper Article
LanguageEnglish
Published New York, N.Y Dow Jones & Company Inc 17.01.1989
EditionEastern edition
Subjects
Employee stock ownership plans
ESOP
Music
Shareholder meetings
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Summary:Shamrock Holdings Inc. said it signed a definitive agreement to acquire Sound Warehouse Inc., a Dallas-based chain of 121 music and home video stores, for $25.65 a share, or about $132.5 million. Shamrock said the proposed acquisition won't have any affect on its $2.6 billion takeover bid for Polaroid Corp., the Cambridge, Mass., instant photography concern. "It's still Shamrock's plan to pursue the Polaroid acquisition," a spokesman for Shamrock said. Shamrock suffered a serious setback in its efforts earlier this month when a Delaware court let stand Polaroid's employee stock ownership plan, which owns 14% of Polaroid's stock. Shamrock has appealed the court's decision. Industry analysts generally agree that the Sound Warehouse acquisition itself doesn't signal an end to Shamrock's hostile pursuit of Polaroid. "That's small potatoes," said Brenda Lee Landry, an analyst with Morgan Stanley & Co., noting that Shamrock last week paid $1 million to maintain its financing commitments for the Polaroid takeover.
ISSN:0099-9660