The Vermont Teddy Bear Corp. agreed to be taken private by an investment group led by private equity firm The Mustang Group LLC, Vermont Teddy Bear Corp., Shelburne, VT, reported yesterday.
“As a private company, Vermont Teddy Bear will no longer face the challenges of a small company trying to comply with increasingly complex and costly public company requirements,” Vermont Teddy Bear president/CEO Elisabeth B. Robert said in a statement.
The multichannel gift merchant offers customizable bears, pajamas, gourmet foods and floral arrangements through various 800 numbers, Web sites and catalogs.
The company's common stockholders no longer continuing as investors will receive $6.50 in cash per share when the deal is completed on or before Sept. 30. Shares of Vermont Teddy Bear closed at $5.25 yesterday on the Nasdaq.
Robert, who will continue as president/CEO, also will maintain her equity holdings, and certain other longstanding stockholders will remain investors, according to the statement.
Christine Blank covers online marketing and advertising, including e-mail marketing and paid search, for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
