Old Town Canoe keeps plan to move ahead

BANGOR – A spokeswoman for Johnson Outdoors, owners of Old Town Canoe since 1974, said Tuesday the death of the company’s former director will not affect his proposal to acquire outstanding public shares in the business.

Samuel C. Johnson, 76, whose personal wealth was estimated at $7.4 billion by Forbes magazine, died of cancer on May 22. He was the majority shareholder in Johnson Outdoors, based in Racine, Wis.

On May 21, one day before Johnson’s death, Johnson and Helen Johnson-Leipold, chairman and chief executive officer, extended a nonbinding proposal to buy all outstanding shares in the company for $18 per share.

Spokeswoman Cynthia Georgeson said the proposal remains under consideration and there is no time frame for the dispersal of the shares.