Kids Retailer Gold Baby
On the evening of October 11, Beijing time, children's wear retailer Gymboree announced on Monday that it had accepted the privatization bid offer of private equity capital management company Bain Capital of US$1.8 billion.
The company said that Bain Capital’s offer price is US$65.40 per share, which is 24% based on the last Friday’s closing price of US$52.95. The company currently has 27.3 million shares outstanding, including brands such as Crazy 8, Jennifer and Jack. As of October 2, the number of branches reached 1037.
According to media reports last week, the company has disclosed that it may accept bids of between $55 and $60 per share. In addition to Bain Capital, there may be KKR, Eppets Partnership, Owen Pareth Capital, and Apollo Management, and other private equity giants.
Bain Capital's company may start a round of bid after the agreement goes into effect. If all goes well, the transaction is expected to be completed by the end of this year. However, according to the agreement, the company has the right to accept a third party offer before November 20.
Driven by the news, the company’s share price rose by US$11.94 in Monday's trading, to US$64.89 per share, an increase of 22.55%.
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