Samsonite sold for $1.1 billion
Luggage maker Samsonite Corp. today said it agreed to be acquired by funds affiliated with private-equity company CVC Capital Partners for $1.49 per share, or about $1.11 billion.
The company had about 742.1 million shares outstanding as of June 8, according to a filing with the Securities and Exchange Commission, implying a purchase price of about $1.11 billion. Including the assumption of debt, the deal is worth about $1.7 billion.
The price is a 12 percent premium from the company's closing price Tuesday on the Over-the-Counter Bulletin Board.
Samsonite's board approved the deal, and groups that control about 85 percent of Samonsite stock, including Boston-based Bain Capital, have agreed to approve the deal, which is expected to close during the fourth quarter.
Samsonite has been struggling since a major refinancing deal fell through following the Sept. 11, 2001 terrorist attacks. The company has also faced shareholder lawsuits and posted years of net losses. (AP)
