Longmont, CO-based stationery cataloger Concepts Direct is still seeking a buyer after passing up an offer from the multititle cataloger’s current chief executive and his wife. A special committee of the board of directors announced Feb. 18 that chairman/president/CEO Phillip A. Wiland and his wife Linda S. Wiland have allowed their nonbinding offer to buy the company to expire.
The Wilands had submitted an offer to the board of directors to buy Concepts Direct for $0.68 per share on Dec. 19. The Wilands indicated in their letter of intent that they or their affiliates would pay approximately $2.1 million in cash for the roughly 3.1 million shares of the company owned by investors. At closing, the Wilands would have paid off the principal balance of a promissory note of approximately $1.3 million, plus all accrued interest. Philip Wiland would not comment.
The committee continues to consider strategic alternatives for Concepts Direct, which sells gifts, home décor items, and stationery through the Colorful Images, Linda Anderson, Snoopy Etc., Garfield Stuff, Linda Anderson’s Collectibles, and the Music Stand catalogs. New York-based investment bank Gruppo, Levey & Co. is advising Concepts Direct on the sale.