Jacuzzi shareholders approve sale |
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Fri, 26 Jan 2007 00:46
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WEST PALM BEACH, Fla. (AFX) - Shareholders in Jacuzzi Brands Inc., maker of whirlpool baths and plumbing products, voted Thursday to approve the sale of the company to a private equity firm.Jacuzzi's board agreed in October to sell the company to Apollo Management LP but the agreement was subject to shareholder and regulatory approval.Apollo will buy the company for $1.25 billion, including acquiring all outstanding common stock for $12.50 per share and assuming $260 million in debt.'We are pleased with the outcome of today's vote,' said Jacuzzi Chairman Thomas B. Waldin. 'We believe that our merger with Apollo is the best outcome for our stockholders, our employees and the future of Jacuzzi Brands.'The transaction was expected to be completed next month, the company said.'We are very excited about the transaction and look forward to a smooth transition and working with the strong management team at Jacuzzi,' said Larry Berg of Apollo.Jacuzzi shares fell 7 cents Thursday to close at $12.37 in trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Jacuzzi shareholders OK Apollo takeover 