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After the deal was announced, Gander shares jumped $1.33, or 34.8 percent, to the buyout price of $5.15.
Gratco LLC and Holiday Stationstores Inc.,the companies owners will finance the buy-out. Gratco, currently owns 42 percent of Gander’s shares, according to SEC filings. Holiday Stationstores owns 28.3 percent.
Gander will not seek shareholder approval for the deal because it is not required under Minnesota law, the company said.
Gratco and Holiday will offer to buy out shareholders who hold more than 30,000 shares, the company said.
“Once Gander Mountain becomes a private company, it intends to continue its efforts to improve operating performance and reduce its outstanding indebtedness,” the company said in the statement.