BJ's Shareholders Approve Leonard Green Acquisition
Posted on September 9, 2011 by
WESTBOROUGH, Mass.-The shareholders of BJ's Wholesale Club have voted to approve the acquisition of the warehouse-club retailer by affiliates of Leonard Green & Partners.
Holders of about 72 percent of the company's outstanding shares voted in favor of the acquisition, while holders of about 0.4 percent of the shares voted against it. A BJ's statement said the acquisition is expected to close on Sept. 30, after which the company's common stock will no longer trade on the New York Stock Exchange, and will be delisted.
The acquisition agreement was announced in June. According to the terms, Leonard Green & Partners agreed to pay the shareholders $51.25 per share in cash, about a 7 percent premium on the closing price of BJ's shares on June 28.