BJ's Wholesale To Be Sold For $2.8B
Westborough-based BJ's Wholesale Club is officially going private, the company announced this morning.
Two private equity firms, Leonard Green & Partners LP and funds advised by CVC Capital Partners, have agreed to an all-cash transaction worth an estimated $2.8 billion.
Under terms of the board-approved deal, shareholders will receive $51.25 per share, an approximately 7 percent premium on the closing share price yesterday and an approximately 38 percent premium over the share price on June 30, 2010, the day before Leonard Green announced its 9.5 percent ownership stake in the company.
"BJ's Board of Directors believes that this transaction maximizes value and is in the best interests of our shareholders, employees and members," said Thomas Shields, who lead a committee of independent directors that explored strategic alternatives for BJ's.
BJ's announced in February that it was considering selling the company. The transaction, which is still subject to shareholder and regulatory approvals, is expected to close in the fourth quarter of this year.
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