Goody’s to Consider Competing Offer

Knoxville, Tenn., Goody’s Family Clothing Inc., which earlier this week agreed to be acquired by an affiliate of Sun Capital Partners Inc., on Wednesday said it received a competing offer from a third party. Goody’s said it anticipates the new offer to lead to a superior proposal, and will begin discussions with the competing acquirer for up to 10 days.

The chain, which did not reveal the name of the third party, said it was offered $8.50 per share, compared with Sun’s offer of $8. GMM Capital LLC and Prentice Capital LLC had previously offered to acquire Goody’s for $8.50 per share during an exclusivity period between Sun and Goody’s. They sent a letter to Goody’s on Tuesday stating they are still interested in the deal.

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