CD Warehouse, Inc. announced today that it has executed a letter of intent with Djangos.com, a private company headquartered in Portland, Oregon for a proposed transaction between the two companies.
CD Warehouse, Inc. franchises and operates a total of 295 retail music and entertainment stores in 38 states, the District of Columbia, Canada, England, Thailand, Guatemala and Venezuela under the names “CD Warehouse, Disc Go Round, CD Exchange and Music Trader.”
Djangos.com owns 19 stores that offer music and entertainment products and also operates an e-commerce website which offers music and entertainment products.
Djangos.com has offered $1.50 per share for each share of CD Warehouse, Inc. stock. However, the proposed transaction is dependent upon, among other things, the completion of appropriate due diligence, the receipt of a fairness opinion from the financial advisor(s) to CD Warehouse, Inc., and approval of CD Warehouse, Inc. shareholders.