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May 2, 1988

BUSINESSLAND TO EXPAND ITS EMPIRE BY PAYING $164m IN STOCK FOR COMPUTERCRAFT

By CBR Staff Writer

Businessland Inc, San Jose, California has definitive agreement to acquire the ComputerCraft chain Inc chain of 25 computer stores located in Texas and the San Francisco area under an share exchange agreement involving Businessland paying one new shaer for every three ComputerCraft outstanding, valuing the latter at about $164m. ComputerCraft also granted Businessland an option to purchase up to 2.5m new shares at $2.37 per share to inhibit a third party coming in to spoil the arrangement. The plan is for ComputerCraft to continue to operate under its own name as a separate subsidiary of Businessland: it specialises on sales to the small business, professional and consumer market and seven of its 25 stores are described as superstores, 7,000 to 16,000 square-foot locations presenting a dominant assortment of computer products and services for customer one-stop shopping. For the nine months to January 31, ComputerCraft did $1.0m net on sales of $81m; for the nine months to March 31, Businessland reported net profits of $13.2m and sales of $632m; it has 93 Businessland Centers in the United States and another 10 here in the UK.

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