Goody's Family Clothing accepts better buyout offer

KNOXVILLE, Tenn. (AP) -- Goody's Family Clothing has apparently ended a three-week bidding war for the regional clothing retailer.<br/><br/>The company's board unanimously accepted an offer from

Thursday, October 27th 2005, 11:45 am

By: News On 6

KNOXVILLE, Tenn. (AP) -- Goody's Family Clothing has apparently ended a three-week bidding war for the regional clothing retailer.

The company's board unanimously accepted an offer from New York investment firms Prentice Capital Management and GMM Capital. The offer is apparently worth about $327-million -- or about $9.60 a share.

Tennessee-based Goody's has 371 stores in 20 states, including 13 in Oklahoma. The Oklahoma stores are in Ada, Ardmore, Chickasha, Duncan, Stillwater, Lawton, Enid, McAlester, Durant, Ponca City, Altus, Bartlesville and Tahlequah.

The company agreed earlier to be bought by Florida-based Sun Capital Partners for about $8 per share, but three shareholders sued saying the offer undervalued the company.