Alabama Leaders Say Remington Outdoor is Not Negotiating to Sell Company for $1B

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PALM BEACH, Fl. – Global Digital Solutions, Inc. filed a Form 8-K with the U.S. Securities and Exchange Commission on Tuesday offering to acquire Remington Outdoor Co. for about $1.08 billion.

A report in The Outdoor Wire said Remington leaders have described the unsolicited proposal as “attention seeking in its worst form” and are planning a response soon.

Local leaders insist Remington’s plans to move to Huntsville have not changed.

“This morning I did speak with members of Remington’s executive team and they did want to make us aware they had received an unsolicited offer to purchase Remington Firearms,” said Madison County Commissioner Dale Strong.

“It will not affect what’s going on here in Madison County – these past eight months of negotiation to recruit Remington to north Alabama is moving forward and again this unsolicited offer is a common occurrence in large corporations,” Strong assured.

The Form 8-K has three transactions, including the letter of intent to purchase Remington. Global Digital Solutions also proposed acquisitions with a technology and development services firm and military and law enforcement supply and distribution company.

Global Digital Solutions provides cyber arms manufacturing, security and technology solutions and social consulting. In a statement, Richard J. Sullivan, chairman and chief executive officer of the company, said his team “is extremely excited and confident about all three of these proposed acquisitions.”

“There are powerful synergies between Freedom and the two other companies that will fuel our future growth along with the transformation of the cyber arms industry,” Sullivan said in the statement to The Wall Street Journal’s Market Watch.

Click here to read full WHNT News 19 coverage of Remington’s move to Huntsville.

8 comments

  • nuclear mike

    Again…Alabama has been “sucker’ed in” by the more sophisticated corporate wheeler & dealers up North on Wall Street…give it all away so Remingotn can cash in on selling themselves off and never have to worry about meeeting the terms & conditions of the Huntsville insider deal…

  • Matthew

    Remington was right on with the response. Global Digital Solutions clearly does not have the ability to purchase the company. Its stock (GDSI), only traded over-the-counter, only has a market capitalization of $78 million per Yahoo finance..in other words, GDSI is only worth about that much on a good day. As of June 30, 2013, the company also only reported having cash balances totaling $609,000. Long story short, yes, Remington may be sold at some point…but the chances of GDSI being able to pull of this deal are laughable (even assuming it was agreed to by Remington/Cerberus).

    • Wake Up

      Matthew, Alabama’s wealthfare plan (incentive package) has added value to Remington. GDSI could partner with someone like Mitt Romney (venture capitalist), leverage the buy of Remington, rape it for as much money as they can (that means layoff as many people as possible and load it up with debt), and resell it to someone else. That is the way today’s free-market capitalism works! If there is a sell in the works, our local legislators will not say so until the very last minute.

  • screw aarp

    Wake up , where is your data on your statement, do you have any? or is this your far left socialist opinion? , back it up ,or go hide AGAIN!

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