Successories Inc. will be acquired by S.I. Acquisition LLC. Under the terms of the acquisition, shares of Successories’ common stock not already owned by S.I. Acquisition will be purchased for 30 cents each, while the company’s preferred stock will be bought for $15 apiece, as well as the value of all uncollected dividends.
As a result of the merger, Successories will become a privately held company. Successories will continue to operate from its headquarters in Aurora, IL.
Gary J. Rovansek, Successories’ president, chief executive officer and board member has resigned to pursue other professional interests. John Carroll, the company’s senior vice president, chief operating and financial officer will act as interim president and chief executive officer while retaining the chief operating and financial offier titles.
S.I. Acquisition will not fill the vacant board of directors seat previously held by Rovansek, choosing instead to reduce the minimum number of directors from seven to six.
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