Golden Gate Capital Offer to Acquire Blair Corp (BL) for $37.50/Share

In a 13D filing late Thursday on Blair Corporation (Amex: BL), 8.1% holder Golden Gate Capital, and its wholly owned subsidiary Appleseed's Topco, delivered a preliminary acquisition proposal on January 3, 2007 to acquire all of the outstanding shares of Blair for a cash purchase price of $37.50 per share.

Commenting on the proposal, Blair's Chairman, Craig Johnson, said, "Since receiving the letter we have been in discussions with this group. Although it is premature to comment further, I do want to emphasize that we will continue to act in the best interest of the company and its stakeholders."

Shares of Blair are 3.82% higher to $37.48 in early action Friday.