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Apollo to acquire Claire's stores for $3.1bn
23 Mar '07
2 min read
Claire's Stores Inc, a leading international specialty retailer offering value priced costume jewelry and accessories, announced that it has entered into a definitive agreement to be acquired by an affiliate of Apollo Management LP, a New York based private equity firm.
Under terms of the agreement, Claire's Stores shareholders will receive US $33 in cash for each share of Claire's Stores common stock or Class A common stock that they hold, which represents a transaction value of approximately $3.1 billion.
Claire's Co-Chairmen and Co-CEO's Bonnie Schaefer and Marla Schaefer in a joint statement noted that, "The decision to sell the company that our father founded was reached after an enormous amount of soul searching over time and brings our strategic review to a successful conclusion. After reviewing final bids, our Board of Directors unanimously concluded, after in-depth consideration, that this transaction with Apollo is in the best interest of our shareholders. We also believe that a partnership with Apollo will create an abundance of opportunities to leverage the strong US brand that we have created over the years and to continue its evolution into an even stronger global brand. Apollo's desire to add Claire's to its portfolio serves as a testament to our solid business model, our unrivaled niche and the talent of our people."
Peter Copses, a Senior Partner at Apollo, said, "We are extremely pleased to be acquiring this premier specialty retailer. We look forward to partnering with Claire's management team and employees, who have done an outstanding job creating a market leader, to build on many strengths of the Company. We believe that increased flexibility available to a private company will enable Claire's to capitalize on many opportunities before it, both here and abroad. We have a long track record of successful investment in the retail industry and are firmly committed to Claire's continued growth as a highly successful global specialty retailer."
The Schaefer family, which owns a significant percentage of voting power of the equity of Claire's Stores Inc, has entered into a separate agreement to vote its shares in favour of the merger.
Completion of the transaction is subject to customary closing conditions, including regulatory review and approval of the transaction by Claire's Stores Inc's shareholders.
Under terms of the agreement, Claire's Stores shareholders will receive US $33 in cash for each share of Claire's Stores common stock or Class A common stock that they hold, which represents a transaction value of approximately $3.1 billion.
Claire's Co-Chairmen and Co-CEO's Bonnie Schaefer and Marla Schaefer in a joint statement noted that, "The decision to sell the company that our father founded was reached after an enormous amount of soul searching over time and brings our strategic review to a successful conclusion. After reviewing final bids, our Board of Directors unanimously concluded, after in-depth consideration, that this transaction with Apollo is in the best interest of our shareholders. We also believe that a partnership with Apollo will create an abundance of opportunities to leverage the strong US brand that we have created over the years and to continue its evolution into an even stronger global brand. Apollo's desire to add Claire's to its portfolio serves as a testament to our solid business model, our unrivaled niche and the talent of our people."
Peter Copses, a Senior Partner at Apollo, said, "We are extremely pleased to be acquiring this premier specialty retailer. We look forward to partnering with Claire's management team and employees, who have done an outstanding job creating a market leader, to build on many strengths of the Company. We believe that increased flexibility available to a private company will enable Claire's to capitalize on many opportunities before it, both here and abroad. We have a long track record of successful investment in the retail industry and are firmly committed to Claire's continued growth as a highly successful global specialty retailer."
The Schaefer family, which owns a significant percentage of voting power of the equity of Claire's Stores Inc, has entered into a separate agreement to vote its shares in favour of the merger.
Completion of the transaction is subject to customary closing conditions, including regulatory review and approval of the transaction by Claire's Stores Inc's shareholders.
Claire's Stores Inc
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