SAN FRANCISCO and BOSTON, Nov. 23,
2010 /PRNewswire/ -- The Gymboree Corporation (Nasdaq: GYMB)
("Gymboree" or the "Company") and Bain Capital Partners, LLC ("Bain
Capital") today announced the successful completion of the
acquisition of the Company by affiliates of Bain Capital for
$65.40 per share in cash, or
approximately $1.8 billion in the
aggregate.
On October 11, 2010, the Company
and Bain Capital announced that the Company and certain affiliates
of Bain Capital had entered into a definitive merger agreement.
Pursuant to the merger agreement, Giraffe Acquisition
Corporation, a corporation controlled by Bain Capital, commenced a
tender offer on October 25, 2010 to
acquire all outstanding shares of the Company at a price of
$65.40 per share, net to the seller
in cash. The tender offer expired at 11:59 p.m., New York
City time, on November 22,
2010, and the depositary has advised that, as of the
expiration time, 21,566,182 Company shares had been validly
tendered and not withdrawn, representing approximately 78% of the
outstanding shares. All of these shares have been accepted
for payment by Giraffe Acquisition Corporation.
On November 23, 2010, Giraffe
Acquisition Corporation was merged with and into the Company in
accordance with the merger agreement. In the merger, each
Company share not previously purchased in the tender offer was
converted, subject to appraisal rights, into the right to receive
$65.40, net to the seller in cash.
As a result of the completion of the merger, Gymboree's
common stock will cease trading on The NASDAQ Stock Market.
About The Gymboree Corporation
The Gymboree Corporation's specialty retail brands offer unique,
high-quality products delivered with personalized customer service.
As of October 30, 2010, the Company
operated a total of 1,049 retail stores: 636 Gymboree® stores (595
in the United States, 37 in
Canada, 2 in Australia and 2 in Puerto Rico), 148 Gymboree Outlet stores, 122
Janie and Jack® shops and 143 Crazy 8® stores in the United States. The Company also operates
online stores at www.gymboree.com, www.janieandjack.com and
www.crazy8.com, and offers directed parent-child developmental play
programs at 672 franchised and Company-operated Gymboree Play &
Music® centers in the United
States and 33 other countries.
About Bain Capital
Bain Capital, LLC (www.baincapital.com) is a global private
investment firm that manages several pools of capital including
private equity, venture capital, public equity, credit products and
absolute return with approximately $64
billion in assets under management. Since its
inception in 1984, Bain Capital has made private equity investments
and add-on acquisitions in more than 300 companies in a variety of
industries around the world. Bain Capital consumer and retail
private equity investments have included such leading businesses as
Toys "R" Us, Bright Horizons Family Solutions, Michaels Stores,
Dollarama, Burlington Coat Factory, Dunkin' Brands and Lilliput
Kidswear. Headquartered in Boston, Bain Capital has offices in
New York, Chicago, London, Munich, Hong
Kong, Shanghai,
Tokyo, and Mumbai.
Forward Looking Statements
This press release may contain forward-looking statements. These
forward-looking statements involve significant risks and
uncertainties and are not guarantees of future performance.
All statements other than statements of historical fact are
statements that could be deemed forward-looking statements.
Forward-looking statements include, without limitation,
statements regarding the intent of any parties about future
actions. Actual results may differ materially from those
currently anticipated due to a number of risks and uncertainties,
including risks and uncertainties relating to these matters that
are discussed in the documents filed with the Securities and
Exchange Commission by the Company. These forward-looking
statements reflect The Gymboree Corporation's expectations as of
the date of this press release. The Gymboree Corporation undertakes
no obligation to update the information provided herein.
SOURCE Bain Capital, LLC