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Slide #4. Hastings Entertainment, Inc. — Draw Another Circle, LLC and Hendrix Acquisition Corp.
Hastings Entertainment, Inc. (HAST)
Draw Another Circle, LLC and Hendrix Acquisition Corp.
Hastings Entertainment, Inc. (NASDAQ: HAST), a leading multimedia entertainment retailer ("Hastings"), today reported that it has entered into an Agreement and Plan of Merger (the "Merger Agreement") with Draw Another Circle, LLC ("Parent") and Hendrix Acquisition Corp. ("Merger Sub"), which are each wholly-owned, directly or indirectly, by Joel Weinshanker. Mr. Weinshanker is the President and sole shareholder of National Entertainment Collectibles Association, Inc., which holds approximately 12% of Hastings' outstanding shares ("NECA"). Pursuant to the Merger Agreement, Merger Sub will be merged with and into Hastings, with Hastings surviving the merger as a wholly-owned subsidiary of Parent, and each share of Hastings common stock held by a shareholder of Hastings (other than Mr. Weinshanker and his affiliates) will, upon completion of the merger, be converted into the right to receive a cash payment of $3.00 per share.
Hastings Entertainment is a multimedia entertainment retailer that buys, sells, trades and rents various home entertainment products, including books, music, software, periodicals, new and used compact discs, movies on digital versatile disc and Blu-Ray, video games, video game consoles and electronics. Co. also provides consumables and trends products such as apparel, t-shirts, action figures, posters, greeting cards and seasonal merchandise through its entertainment stores and Internet web site. As of Mar 31 2013, Co. operated 135 Hastings stores in 19 states, and three concept stores, Sun Adventure Sports, located in Amarillo and Lubbock, TX, and TRADESMART, located in Littleton, CO.
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Hold (2.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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