AMARILLO, Texas, July 15, 2014 /PRNewswire/ -- Hastings
Entertainment, Inc. (NASDAQ: HAST), a leading multimedia
entertainment retailer ("Hastings"), today reported that, on
July 15, 2014, Hastings' shareholders
approved the Agreement and Plan of Merger (the "Merger Agreement")
entered into on March 17, 2014 by and
among Hastings, Draw Another Circle, LLC ("Parent") and Hendrix
Acquisition Corp. ("Merger Sub"), a wholly-owned subsidiary of
Parent, at a special meeting of Hastings' shareholders called for
the purpose of approving the Merger Agreement and certain related
matters. Immediately following the approval of the Merger
Agreement by Hastings' shareholders, Merger Sub was merged with and
into Hastings, with Hastings surviving as a wholly owned subsidiary
of Parent, an affiliate of Mr. Joel
Weinshanker.
In connection with this merger, each share of Hastings' common
stock outstanding prior to the merger (other than shares held by
Parent and its affiliates and shares held by any shareholder that
properly exercised rights of dissent and appraisal under
Texas law) was converted into the
right to receive $3.00, in cash and
without interest.
Mr. Weinshanker, the President of Parent, said, "It's an honor
and a privilege to be able to be part of the next chapter of such
an important American retailer as Hastings. We will continue
to run the business with the same ethical standards and values that
the Marmadukes founded and built the chain on."
About Hastings
Founded in 1968, Hastings' is a leading multimedia entertainment
retailer that combines the sale of new and used books, videos,
video games and CDs, and trends and consumer electronics
merchandise, with the rental of videos and video games in a
superstore format. We currently operate 126 superstores,
averaging approximately 24,000 square feet, primarily in
medium-sized markets throughout the United States. We also
operate three concept stores, Sun Adventure Sports, located in
Amarillo, Texas and Lubbock, Texas, and TRADESMART, located in
Littleton, Colorado.
We also operate www.goHastings.com, an e-commerce Internet web
site that makes available to our customers new and used
entertainment products and unique, contemporary gifts and
toys. The site features exceptional product and pricing
offers. The Investor Relations section of our web site
contains press releases, a link to request financial and other
literature and access to our filings with the Securities and
Exchange Commission.
SOURCE Hastings Entertainment, Inc.