AMARILLO -- Hastings Entertainment, Inc. reported today that Hastings' shareholders approved the Agreement and Plan of Merger (the "Merger Agreement") to Draw Another Circle, LLC at a special meeting of Hastings' shareholders called for the purpose of approving the Merger Agreement and certain related matters.
Hastings is now a subsidiary of Draw Another Circle, LLC, an affiliate of Joel Weinshanker.
In connection with this merger, each share of Hastings' common stock outstanding prior to the merger was converted into the right to receive $3.00, in cash and without interest.
Mr. Weinshanker, the President of Parent, said, "It's an honor and a privilege to be able to be part of the next chapter of such an important American retailer as Hastings. We will continue to run the business with the same ethical standards and values that the Marmadukes founded and built the chain on."