Clifton, NJ, November 8, 2005-- Home accessories retailer Linens N Things Inc. on Tuesday said it agreed to be acquired by a company formed by Apollo Management LP in a deal worth about $1.3 billion.
Under the agreement, shareholders will receive $28 in cash for each share of Linens N Things, a 6% premium to its closing price of $26.40 on Monday.
The company added that Apollo and its co-investors, including NRDC Real Estate Advisors I, have received commitments for debt financing from Bear Stearns & Co. and UBS Securities LLC.
Directors at Linens N Things have unanimously approved the transaction, which is expected to close in the first or second quarter of 2006. The acquisition is pending shareholder and regulatory approval.
Linens N Things sells housewares and textiles at its 516 stores nationwide. The company posted sales of $2.7 billion in 2004.
