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Restoration Hardware: Share
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On November 8, Restoration Hardware said that it had agreed to be acquired in a deal valued at $6.70 per share, or $267, involving management and private equity firm Catterton Partners. The retailer ... said it would solicit competing proposals until Dec. 13.
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Restoration Hardware, whose stock price has been on a steady decline since the beginning of the year, saw a sharp spike in after-hours trading on Monday, jumping 18.5% to $7.50. Meanwhile, shares of Sears were climbing 0.9% to $115.25.
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Restoration Hardware announced earlier this month that it would sell itself to a private equity firm for $267 million. Shareholders still must approve the private equity firm's offer of $6.70 per share.
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Under the terms of the merger agreement, all of the outstanding shares of Restoration Hardware, other than those exchanged by the participating stockholders, will be acquired for a price per share equal to $6.70 in cash. The $6.70 per share cash consideration represents a 150% premium to the closing price of Restoration Hardware common stock on November 7, 2007, the last trading day prior to the announcement of the merger agreement. The total equity value of the transaction is approximately $267 million.
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