Businessland: Hold Everything
JWP's proposed acquisition of computer retailer Businessland is hitting last-minute snags. First, Businessland bondholders forced JWP to restructure its bid. Then, on July 24, retailer ComputerLand made a competing offer for Businessland.
JWP is offering $1 per share in cash for up to 53% of Businessland's stock, while the privately held ComputerLand is offering to swap $1 worth of newly issued stock for each share of Businessland. And ComputerLand is offering bondholders 45~ on the dollar, 10~ more than JWP. Although initially rejected by Businessland, ComputerLand says it will keep its offer open on a friendly basis.