Blair, Appleseed's agree to $173.6 million merger

Share this content:

Blair Corp. Jan. 23 announced it has entered into a $173.6 million definitive merger agreement with Appleseed's Topco Inc, a division of private investment firm Golden Gate Capital.

The deal calls for Appleseed's to acquire all of the outstanding shares of Blair's common stock in an all-cash transaction of $42.50. This figure represents a significant premium over the per-share amount Appleseed's and Golden Gate originally offered -- $37.50 -- in a letter dated Jan. 3.

The latest offer also represents an approximate 23.6 percent premium to the prior four weeks' average closing price of Blair's common stock.

Golden Gate has built quite a portfolio of women's specialty retail direct brands, including Spiegel, Newport News, Appleseed's, Draper's & Damon's, Norm Thompson and Haband.

The news follows a week of speculation after it was revealed that Appleseed's and San Francisco-based Golden Gate had made the Jan. 3 bid and had already acquired 8.1 percent of Blair's common stock.

Follow the close of the transaction, Blair (www.blair.com), Warren, PA, will become a private company and will operate as a wholly-owned subsidiary of Appleseed's, one of the largest direct marketers of women's apparel in the country. After the merger, it is expected that the combined entity will have annual revenue of over $1.1 billion.

Blair's board has unanimously approved the deal, which is expected to close in the spring of 2007.

Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here