Ueberroth Chairs Spokane Company

Ambassadors International Inc., which arranges overseas tours for students and adults, has sold 2 million shares of stock in an initial public offering.

As part of the deal, former Major League Baseball Commissioner Peter Ueberroth becomes chairman, and brother John Ueberroth president.

The stock began trading Friday on the NASDAQ over-the-counter market under the ticker symbol AMIE. The stock opened at $9 a share, and closed Tuesday at $10.75.

Ambassadors, which employs 129 at its Spokane headquarters, markets tours in connection with People to People International.

According to the prospectus, proceeds from the offering will be used to expand its business through internal growth and the purchase of other travel businesses.

Concurrently, the company, previous shareholders and the Ueberroths rescinded a January deal in which the brothers purchased the company.

But the Ueberroths will remain majority shareholders, and anti-takeover provisions in the company’s new incorporation bylaws “may have the effect of delaying or preventing a change of control of the company,” the prospectus says.

Although the lesser known of the two brothers, John Ueberroth has extensive experience in the travel industry.

, DataTimes