Eddie Bauer shareholders told to OK deal |
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Thu, 18 Jan 2007 07:26
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REDMOND, Wash. (AFX) - Apparel retailer Eddie Bauer Holdings Inc. said Wednesday that proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. have both recommend that clients vote in favor of the company's proposed sale to two investment companies.Both companies concluded that the proposed deal would be in the best interests of the Eddie Bauer shareholders, the retailer said.Under terms of the buyout offer announced in November, a holding company owned by affiliates of Boca Raton, Fla.-based Sun Capital Partners Inc. and San Francisco-based Golden Gate Capital has agreed to pay $286 million in cash, or $9.25 per share, and assume $328 million in debt.Shareholders will vote on the deal, which was cleared by federal regulators in December, at a special meeting on Jan. 25.The sale is expected to close in the first quarter of 2007.Eddie Bauer shares fell 3 cents to close at $9.14 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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