USA: Far West And Umbro Terminate Transaction
Yesterday, Far West received notification from Umbro Canada Inc that they had decided not to continue with the proposed sale of Umbro Canada Inc to Far West Industries Inc pursuant to the letter of intent announced in a press release of August 25, 2000.This decision by Umbro comes subsequent to Far West advising them that Far West had received submissions from a group of shareholders representing a majority of the issued shares of the company and prior to a Far West Board meeting scheduled for today to discuss the proposed acquisition. The shareholders had expressed their opposition to the acquisition. "Although the Far West Board had not yet convened an official board meeting, it was the consensus of opinion by the directors of Far West that shareholder approval of the acquisition, which was a condition of closing, was unlikely to be obtained," said Gary Pratt, president of Far West.The board has also received expressions of interest from other companies providing strategic acquisition opportunities, which the board will consider and review in the near future.The corporation also announces the resignation of Russell A. Ker from the board of directors. Mr Ker has served on the Board since June 26, 1992 and as chairman of the board since 1995.
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