RANGER INDUSTRIES, INC. January 12, 2001 Dear Shareholders: We are pleased to inform you that on December 29, 2000 Ranger entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") with Bumgarner Enterprises, Inc....Ranger Industries Inc • January 12th, 2001 • Non-operating establishments
We are pleased to inform you that on December 29, 2000 Ranger entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") with Bumgarner Enterprises, Inc. ("Bumgarner") and BEI Acquisition Corporation, a wholly owned subsidiary of Ranger. Pursuant to the Merger Agreement, Bumgarner commenced a cash tender offer on December 29, 2000 for up to 4,225,000 shares of Ranger's common stock at a price of $2.00 per share. The Merger Agreement provides, among other things, that, in connection with the completion of the tender offer, BEI Acquisition Corporation will be merged with and into Bumgarner, and each share of common stock of Bumgarner outstanding at the effective time of the merger will be converted into the right to receive one share of Ranger common stock, subject to certain adjustments. As a result, Ranger will issue 14,720,000 shares of its common stock to the Bumgarner shareholders.
