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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): February 10, 2000
DANIEL GREEN COMPANY
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 000-00774 150327010
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
ONE MAIN STREET
DOLGEVILLE, NEW YORK 13329
(Address of principal executive offices)
(315) 429-3131
(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
(a) On February 10, 2000, Daniel Green Company entered into a
definitive agreement to purchase Penobscot Shoe Company for approximately $17.8
million in cash, subject to certain adjustments. A Press Release was issued the
following day.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit A - Press Release dated February 11, 2000.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dated: February 18, 2000 DANIEL GREEN COMPANY
By: /s/ James R. Riedman
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Name: James R. Riedman
Title: Chairman and CEO
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PRESS RELEASE
Dolgeville, New York - February 11, 2000 - Daniel Green Company
(Nasdaq: DAGR) announced today that it entered into a definitive agreement to
purchase Penobscot Shoe Company for $17.8 million in cash, subject to certain
adjustments. The transaction was unanimously approved by a Special Committee of
Daniel Green's Board of Directors.
Based in Old Town, Maine, Penobscot is a manufacturer of women's
footwear under the Trotters and newly introduced Softwalk labels. For the fiscal
year ended November 30, 1999, Penobscot's sales totaled $21.7 million and it
generated $3.2 million in net pre-tax income.
"We believe that Penobscot represents a significant opportunity for
Daniel Green to both extend its product offering and achieve critical mass.
Along with our earlier acquisition of the L.B. Evans men's slipper lines, we
believe that these additions to our core Daniel Green business dynamically
enhance our ability to compete in the marketplace" commented James Riedman, CEO
and Chairman.
The transaction is expected to close during the first quarter and is
subject to customary conditions, including regulatory approval and financing.
Daniel Green has received a commitment letter for the financing.
Daniel Green was established in 1882 and is recognized as the market
leader in designing and selling quality slippers. Daniel Green sells well known
branded slippers, including its line of women's slippers, L.B.
Evans men's slippers and Woolrich men's slippers.
For additional information contact Greg Tunney, President and Chief
Operating Officer at (315) 429-3131 Ext. 288 or visit the Daniel Green website
at www.DanielGreenCo.com
