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A BULL RUN TOWARDS RAWLINGS, WHO INKS W/HOST COMMUNICATIONS
Published November 25, 1997
Atlanta-based Bull Run Corp. "has struck an investment agreement that could lead to" a 20% stake in MO-based sporting goods company Rawlings, according to Al Stamborski of the ST. LOUIS POST-DISPATCH. Bull Run will pay $2.84M for 926,000 Rawlings warrants, or $3.07 each. Each warrant will allow Bull Run to buy a share of Rawlings' common stock for $12. But the stock will have to "close at or above $16.50 for 20 consecutive trading days." In addition, Rawlings signed a five-year marketing agreement with Bull Run-subsidiary Host Communications. Stamborksi adds that Host Communications "will help Rawlings sell sporting goods through corporate promotions and at amateur athletic contests" like Hoop-It-Up. Rawlings CFO Paul Martin said that sales through such promotions "could have a fairly sizeable effect two or three years from now," much like a previous Rawlings promo with Pizza Hut on a basketball giveaway (POST-DISPATCH, 11/25). Rawlings gained 11/16 yesterday to close at $11 (WALL STREET JOURNAL, 11/25).