Aloette
This article was originally published in The Rose Sheet
Executive Summary
Enters into an agreement to merge with ACI Acquisition Partners (Marietta, Ga.), the direct marketer, distributor and franchiser said. Under the agreement, ACIA will acquire all outstanding Aloette capital stock for $5.25 a share in cash for an aggregate consideration of about $11.8 mil. to Aloette's shareholders, option and warrant holders. ACIA also will assume roughly $2 mil. in Aloette debt. The purchase is subject to shareholder approval at Aloette's annual meeting, which is slated to be held before the end of July. Aloette sales in 1997 fell 13.7% to $10 mil., while net income declined 19.8% to $738,000. The firm has been working to reduce administrative expenses, which contributed to a 1.9% gain to $265,000 in the fourth quarter, while sales dropped 10.4% to $2.6 mil...