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June 2, 2014
09:43 EDTHASTHastings announces temporary restraining order in connection with plan of merger
Hastings Entertainment reported that the United States District Court for the Northern District of Texas, Amarillo Division, has issued an Order Granting Motion for Temporary Restraining Order and Setting Hearing on Request for a Preliminary Injunction restricting the potential merger transaction involving Hastings and an affiliate of Joel Weinshanker. As Hastings first disclosed on March 17, Hastings entered into an Agreement and Plan of Merger on such date with Draw Another Circle, LLC and Hendrix Acquisition Corp., which are each wholly-owned, directly or indirectly, by Weinshanker. Weinshanker is the President and sole shareholder of National Entertainment Collectibles Association, which holds approximately 12% of Hastings' outstanding shares. Pursuant to the Merger Agreement, Merger Sub will be merged with and into Hastings, with Hastings surviving the merger as a wholly-owned subsidiary of Parent, and each share of Hastings common stock held by a shareholder of Hastings will, upon completion of the merger, be converted into the right to receive a cash payment of $3.00 per share.
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