Hollywood Shareholders Approve Merger With Movie Gallery
22 Aprile 2005 - 8:01PM
PR Newswire (US)
Hollywood Shareholders Approve Merger With Movie Gallery PORTLAND,
Ore., April 22 /PRNewswire-FirstCall/ -- Hollywood Entertainment
Corporation ("Hollywood") (Nadsaq: HLYW) today announced that its
shareholders have approved the merger of Hollywood with an
affiliate of Movie Gallery, Inc. At the special meeting of
shareholders held today, 44,412,245 shares or approximately 70% of
the total issued and outstanding shares of Hollywood were
represented, with 39,332,517 shares or 88.5% of those represented
voting to approve the Agreement and Plan of Merger, dated as of
January 9, 2005, by and among Movie Gallery, Inc., TG Holdings,
Inc. and Hollywood Entertainment Corporation (the "Merger
Agreement") and the related merger. Although the completion of the
merger remains subject to satisfaction of the closing conditions in
the Merger Agreement, Hollywood anticipates that the merger will be
completed on or about April 27, 2005. Under the terms of the Merger
Agreement, Hollywood will become a wholly owned subsidiary of Movie
Gallery and Hollywood's shareholders will be entitled to receive
$13.25 per share in cash upon completion of the merger.
Forward-Looking Statements Hollywood's statement regarding the
completion of the merger with an affiliate of Movie Gallery, Inc.
is a "forward-looking statement" within the meaning of the Private
Securities Litigation Reform Act of 1995. The completion of the
merger is subject to conditions specified in the Merger Agreement,
many of which are not in Hollywood's control. DATASOURCE: Hollywood
Entertainment Corporation CONTACT: Larry Dennedy, Bob Marese or Dan
Burch, all of MacKenzie Partners, Inc., +1-212-929-5500, for
Hollywood Entertainment Corporation Web site:
http://www.mackenziepartners.com/
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