rue21, inc., a leading specialty apparel retailer of girls and guys apparel and accessories, announced that, based on a preliminary vote tally from the special meeting of stockholders, rue21 stockholders have approved the previously announced merger agreement under which funds advised by Apax Partners will acquire the shares of rue21 for $42.00 per share in cash.
Approximately 99.7% of the shares voted at meeting in favor of the agreement, including 99.6% of shares voted by stockholders unaffiliated with the SKM II funds.
"We are pleased that our stockholders recognize the significant merits of this transaction," said Bob Fisch, President, Chief Executive Officer and Chairman of rue21.
"We look forward to completing the transaction quickly and to working with the Apax team toward achieving our long-term objectives as a leading growth specialty retailer."
The transaction is expected to close in early October 2013, at which time rue21 will cease to be traded on NASDAQ.
About rue21, inc.
rue21 is a leading specialty apparel retailer offering exclusive branded merchandise and the newest trends at a great value. rue21 currently operates 971 stores in 47 states.