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WIND POINT PARTNERS
676 N. Michigan Ave., Suite 3300
Chicago, IL 60611
FOR IMMEDIATE RELEASE
AUGUST 18, 2000
BUSHNELL SPORTS OPTICS TENDER OFFER
FOR SERENGETI EYEWEAR, INC. CLOSES
CHICAGO, ILL., AUGUST 18, 2000 - Bushnell Sports Optics, an operating name of
Worldwide Sports and Recreation, Inc., today announced that Sunshine
Acquisition, Inc., its wholly owned subsidiary, has completed its all-cash
tender offer for all of the outstanding shares of common stock of Serengeti
Eyewear, Inc. (OTC: SOLR) at $3.95 per share. The tender offer expired at
11:00 AM New York City time on Thursday, August 17, 2000.
Bushnell accepted for payment all of the 2,283,914 shares of Serengeti common
stock validly tendered and not withdrawn prior to the expiration of the offer
which represents approximately 95.8% of the outstanding shares of Serengeti
common stock and which does not include the 24,501 shares delivered pursuant
to notices of guaranteed delivery. Promptly after the consummation of the
tender offer, Bushnell merged Sunshine Acquisition with and into Serengeti.
As a result of the merger, Serengeti has become a wholly owned subsidiary of
Bushnell and each remaining outstanding share of Serengeti has been
converted, subject to appraisal rights, into the right to receive $3.95 in
cash, without interest.
Bushnell is a global manufacturer and marketer of branded consumer products
based in Overland Park, Kansas. Bushnell is a leading supplier of high quality
sports optics including binoculars, telescopes, riflescopes, night vision, ski
goggles, laser rangefinders, sunglasses and safety glasses marketed under the
Bushnell, Bolle, and Bausch & Lomb-Registered Trademark- brand names.
Morrow & Co., Inc. (212-754-8000) is acting as the Information Agent for the
tender offer.
For further information please contact:
Richard R. Kracum
Chairman
Worldwide Sports and Recreation, Inc.
Tel: 312-255-4800
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