Specialty retailer Brookstone Inc., Merrimack, NH, said Friday that a majority of its shareholders voted to approve the company's sale to a private consortium led by OSIM International Ltd., a Singapore-based healthy lifestyle products company.
The consortium includes JW Childs Associates LP, Boston, a private equity firm, and Temasek Holdings Ltd., a Singapore-based investment company.
Brookstone shareholders will receive $20 per share in cash. Based on the company's 20.44 million common shares outstanding, the deal values Brookstone at $408.8 million.
Michael Anthony, chairman, president and CEO of Brookstone, said that OSIM will be able to develop products that fit well with Brookstone's high-tech lineup and that its expertise in operating stores in Asia will help Brookstone expand its retail concept globally.
The merger has received all necessary regulatory approvals and will be completed once all of the closing conditions are satisfied.