Maher Muhawieh News - Bain Capital to buy Gymboree for $1.8B :
Bain Capital Partners LLC has agreed to buy the Gymboree Corp. for about $1.8 billion, the companies said Monday.
San Francisco Business Times readers learned details of the impending deal from a blog post Oct. 6 by retailing reporter Sarah Duxbury.
Bain will acquire all outstanding stock of Gymboree for $65.40 per share.
The amount represents a 57.4 percent premium over the company's share price on Sept. 30, before rumors of the deal surfaced, and a 23.5 percent premium over its closing stock price on Oct. 8.
"We are pleased to announce this transaction as it delivers significant value to our shareholders," Matthew McCauley, chairman and chief executive officer of Gymboree, said in a statement. "We want to thank our employees for their hard work and dedication to Gymboree. Bain Capital is a world-class asset management firm with substantial resources and investment experience in the retail industry, and we believe they will be a great partner as we go forward as a private company."
Gymboree expects the transaction to close by year-end. The deal is subject to the satisfaction of the minimum tender condition of at least 66 percent of the Gymboree's common shares and customary closing conditions.
Goldman, Sachs & Co. is acting as financial adviser to Gymboree's board of directors of and Skadden, Arps, Slate, Meagher & Flom LLP is acting as its counsel
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