Gymboree Corp., the San Francisco- based children’s clothing retailer, agreed to be taken over by Boston buyout firm Bain Capital LLC for about $1.8 billion.
The price is $65.40 a share, the companies said today in a statement. That’s 57 percent more than Gymboree’s closing price Sept. 30, before reports of a takeover surfaced. Gymboree may seek acquisition proposals from third parties for 40 calendar days through Nov. 20, according to the statement.
The purchase gives Bain more than 1,000 retail stores in countries like the U.S., Canada and Australia. Gymboree, whose sales growth has slowed for three straight years, also operates Janie and Jack Shops and Crazy 8 stores in the U.S.
Gymboree rose 45 cents to $52.95 Oct. 8 in Nasdaq Stock Market trading. The shares had climbed 27 percent since Sept. 30.
Goldman Sachs Group Inc. acted as adviser to Gymboree’s special committee of the board, while Skadden Arps Slate Meagher & Flom LLP provided legal advice. Goldman and Peter J. Solomon Co. also provided fairness opinions to the special committee.
http://jodnet.blogspot.com
The price is $65.40 a share, the companies said today in a statement. That’s 57 percent more than Gymboree’s closing price Sept. 30, before reports of a takeover surfaced. Gymboree may seek acquisition proposals from third parties for 40 calendar days through Nov. 20, according to the statement.
The purchase gives Bain more than 1,000 retail stores in countries like the U.S., Canada and Australia. Gymboree, whose sales growth has slowed for three straight years, also operates Janie and Jack Shops and Crazy 8 stores in the U.S.
Gymboree rose 45 cents to $52.95 Oct. 8 in Nasdaq Stock Market trading. The shares had climbed 27 percent since Sept. 30.
Goldman Sachs Group Inc. acted as adviser to Gymboree’s special committee of the board, while Skadden Arps Slate Meagher & Flom LLP provided legal advice. Goldman and Peter J. Solomon Co. also provided fairness opinions to the special committee.
http://jodnet.blogspot.com
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