Rawlings stockholder backs K2 merger offer

LIVONIA, Mich. (Feb. 25)—The proposed merger between Rawlings Sporting Goods Co. Inc. and K2 Inc. has won the backing of Rawlings single largest shareholder, who initially had opposed K2's offer and had countered it with an offer of his own. Daniel Gilbert, who owns nearly 15 percent of Rawlings' stock, has come out in support of K2's offer of 0.95 of a share of K2 stock for every Rawlings share. "I have become comfortable with (K2 CEO Dick) Heckmann's vision for Rawlings and the K2 management team, and I haveàdecided to support the proposed merger," Gilbert said, while declining an offer to join the merged company's board of directors. At the same time, Rawlings is inviting shareholders to a special meeting March 26 at its headquarters in Fenton, Mo., to vote on the merger agreement.