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Linens 'n Things to join Apollo Management portfolio
09 Nov '05
3 min read
Brand name home furnishings merchandiser Linens 'n Things Inc announced that it has entered into a definitive agreement to be acquired by a company newly formed and controlled by Apollo Management, L.P. on behalf of itself and its managed funds, together with certain co-investors, including NRDC Real Estate Advisors I, LLC. Under the terms of the agreement, Linens 'n Things' stockholders are to receive $28.00 per share in cash.
The total consideration to be paid to Linens 'n Things stockholders is approximately $1.3 billion. Apollo has received a commitment from Bear, Stearns & Co. Inc. and UBS Securities LLC to provide the debt financing for the transaction.
Norman Axelrod, Chairman and Chief Executive Officer of Linens 'n Things, stated, "This transaction with Apollo achieves the completion of their strategic review process. Apollo is investing in concept, company and our future, which will lead to additional new opportunities for all our associates and business partners."
Peter Copses, a senior partner of Apollo, said, "They are extremely excited about the prospect of acquiring one of the nation's leading home goods retailers. They look forward to partnering with the management team to continue to build a world-class retailer focused on its customers, vendors and employees. Apollo has had tremendous success investing in retail businesses in the past and they expect Linens 'n Things to prosper going forward as well."
Linens 'n Things Board of Directors unanimously approved the merger transaction. Credit Suisse First Boston LLC and Lehman Brothers Inc. have acted as the Company's financial advisors. Pitney Hardin LLP is acting as Linens 'n Things legal counsel. Morgan Lewis & Bockius LLP is acting as Apollo's legal counsel.
The total consideration to be paid to Linens 'n Things stockholders is approximately $1.3 billion. Apollo has received a commitment from Bear, Stearns & Co. Inc. and UBS Securities LLC to provide the debt financing for the transaction.
Norman Axelrod, Chairman and Chief Executive Officer of Linens 'n Things, stated, "This transaction with Apollo achieves the completion of their strategic review process. Apollo is investing in concept, company and our future, which will lead to additional new opportunities for all our associates and business partners."
Peter Copses, a senior partner of Apollo, said, "They are extremely excited about the prospect of acquiring one of the nation's leading home goods retailers. They look forward to partnering with the management team to continue to build a world-class retailer focused on its customers, vendors and employees. Apollo has had tremendous success investing in retail businesses in the past and they expect Linens 'n Things to prosper going forward as well."
Linens 'n Things Board of Directors unanimously approved the merger transaction. Credit Suisse First Boston LLC and Lehman Brothers Inc. have acted as the Company's financial advisors. Pitney Hardin LLP is acting as Linens 'n Things legal counsel. Morgan Lewis & Bockius LLP is acting as Apollo's legal counsel.
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