Gander Mountain Co., one of the nation's largest retail networks for fishing, marine, hunting and camping products, announced plans to become a privately held company.
Gander plans to cease the registration of its common stock with the Securities and Exchange Commission and, as a result, expects its shares of common stock will cease to be listed on the NASDAQ Global Market.
To ensure that it will be eligible to deregister its shares of common stock in accordance with SEC rules, Gander Mountain will reduce its number of beneficial shareholders to less than 300, the company said in a statement.
"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 statement said.
"Greene Holcomb & Fisher LLC, independent financial advisor to the special committee, determined that the cash-out price of fractional shares is fair from a financial point of view to those shareholders who would be cashed out in the proposed transaction," the company added.
Minnesota-based Gander Mountain Co. has 116 stores in 23 states and three outlet stores.