Hastings Entertainment, Inc. Announces Completion of Acquisition by an
Affiliate of Joel Weinshanker
AMARILLO, Texas, July 15, 2014
AMARILLO, Texas, July 15, 2014 /PRNewswire/ --Hastings Entertainment, Inc.
(NASDAQ: HAST), a leading multimedia entertainment retailer ("Hastings"),
today reported that, on July 15, 2014, Hastings' shareholders approved the
Agreement and Plan of Merger (the "Merger Agreement") entered into on March
17, 2014 by and among Hastings, Draw Another Circle, LLC ("Parent") and
Hendrix Acquisition Corp. ("Merger Sub"), a wholly-owned subsidiary of Parent,
at a special meeting of Hastings' shareholders called for the purpose of
approving the Merger Agreement and certain related matters. Immediately
following the approval of the Merger Agreement by Hastings' shareholders,
Merger Sub was merged with and into Hastings, with Hastings surviving as a
wholly owned subsidiary of Parent, an affiliate of Mr. Joel Weinshanker.
In connection with this merger, each share of Hastings' common stock
outstanding prior to the merger (other than shares held by Parent and its
affiliates and shares held by any shareholder that properly exercised rights
of dissent and appraisal under Texas law) was converted into the right to
receive $3.00, in cash and without interest.
Mr. Weinshanker, the President of Parent, said, "It's an honor and a privilege
to be able to be part of the next chapter of such an important American
retailer as Hastings. We will continue to run the business with the same
ethical standards and values that the Marmadukes founded and built the chain
Founded in 1968, Hastings' is a leading multimedia entertainment retailer that
combines the sale of new and used books, videos, video games and CDs, and
trends and consumer electronics merchandise, with the rental of videos and
video games in a superstore format. We currently operate 126 superstores,
averaging approximately 24,000 square feet, primarily in medium-sized markets
throughout the United States. We also operate three concept stores, Sun
Adventure Sports, located in Amarillo, Texas and Lubbock, Texas, and
TRADESMART, located in Littleton, Colorado.
We also operate www.goHastings.com, an e-commerce Internet web site that makes
available to our customers new and used entertainment products and unique,
contemporary gifts and toys. The site features exceptional product and
pricing offers. The Investor Relations section of our web site contains press
releases, a link to request financial and other literature and access to our
filings with the Securities and Exchange Commission.
SOURCE Hastings Entertainment, Inc.
Contact: Alan Van Ongevalle, President and Chief Operating Officer, (806)
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