ST. PAUL, Minn. -- Outdoor retailer Gander Mountain Co. says it plans to become a private company, sending its shares soaring.
Gander Mountain said Monday that its two largest shareholders, Gratco LLC and Holiday Stationstores Inc., will pay about $5.15 per share share, a 35 percent premium to Friday's close of $3.82.
However, owners of more than 30,000 shares will retain their shares and not be paid for them. The transaction is expected to close in early 2010.
Outdoor retailers have suffered amid the recession as consumers hold back on big-ticket items such as hunting and fishing gear.
Gander shares jumped $1.18, or 31 percent, to $5 in premarket trading.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
