Costume Jewelry Retailer Agrees to a Takeover
\nNew York Times, NY<\/p>\n
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PEMBROKE PINES, Fla., March 20 (AP) \u00e2\u20ac\u201d The costume jewelry retailer Claire\u00e2\u20ac\u2122s Stores said Tuesday that it agreed to a $3.1 billion takeover proposal from the private equity firm Apollo Management.<\/p>\n
Claire\u00e2\u20ac\u2122s, which operates about 3,000 stores in the United States and around the world under the names Claire\u00e2\u20ac\u2122s and Icing by Claire\u00e2\u20ac\u2122s, sells low-cost costume jewelry and accessories to adolescents and young adults<\/p>\n
Under terms of the agreement, Claire\u00e2\u20ac\u2122s shareholders will receive $33 in cash for each share. The purchase price represents a 7.3 percent premium to the stock\u00e2\u20ac\u2122s Monday closing price on the New York Stock Exchange. The company had about 94.6 million shares outstanding as of Oct. 28, 2006, according to its latest regulatory filing. The company is based in Pembroke Pines.<\/p>\n
Bonnie and Marla Schaefer, Claire\u00e2\u20ac\u2122s co-chairwomen and chief executives, issued a joint statement saying the Apollo offer was \u00e2\u20ac\u0153in the best interests of our shareholders.\u00e2\u20ac\u009d<\/p>\n
The Schaefer family, which owns a significant percentage of Claire\u00e2\u20ac\u2122s equity, agreed separately to vote its shares in favor of the deal.<\/p>\n
\u00e2\u20ac\u0153We look forward to partnering with Claire\u00e2\u20ac\u2122s management team and employees to build on the many strengths of the company,\u00e2\u20ac\u009d said Peter P. Copses, a senior partner at Apollo.<\/p>\n
He added: \u00e2\u20ac\u0153We believe that the increased flexibility available to a private company will enable Claire\u00e2\u20ac\u2122s to capitalize on the many opportunities before it, both here and abroad.\u00e2\u20ac\u009d<\/p>\n
The deal is subject to regulatory review and the approval of Claire\u00e2\u20ac\u2122s shareholders.<\/p>\n
Shares of Claire\u00e2\u20ac\u2122s gained $1.12, to $31.88, on the New York Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"
Costume Jewelry Retailer Agrees to a Takeover New York Times, NY PEMBROKE PINES, Fla., March 20 (AP) \u00e2\u20ac\u201d The costume jewelry retailer Claire\u00e2\u20ac\u2122s Stores said Tuesday that it agreed to a $3.1 billion takeover proposal from the private equity firm Apollo Management. Claire\u00e2\u20ac\u2122s, which operates about 3,000 stores in the United States and around the […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"\n