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Article: Yankee Candle OKs buyout by Madison Dearborn LLC
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- October 26, 2006
- Author:
CopyrightCopyright 2006 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
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Yankee Candle Co., a maker of scented candles, agreed to be
acquired by Chicago-based Madison Dearborn Partners LLC for $1.4
billion in a buyout that will help fund new stores and products.
Yankee Candle shareholders will receive $34.75 in cash, 21 percent
more than Tuesday's closing price of $28.72, the company, based in
South Deerfield, Mass., said in a statement Wednesday. The
transaction, valued at $1.7 billion including debt, is expected to be
completed by the first quarter of 2007.
"The agreement recognizes that Yankee Candle is an excellent
company with strong cash flows and growth prospects," said Clifton
Robbins, Chief Executive Officer of investment firm Blue Harbour
Group, which ...