Claire's Stores, Inc. Announces Agreement to be Acquired by Apollo Management, L.P. for Approximately $3.1 Billion

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Claire's Stores, Inc. Announces Agreement to be Acquired by Apollo Management, L.P. for Approximately $3.1 Billion or $33 Per Share
Claire's Stores, Inc. (NYSE:CLE) , a leading international specialty retailer offering value priced costume jewelry and accessories, announced that it has entered into a definitive agreement to be acquired by an affiliate of Apollo Management, L.P., a New York based private equity firm.
Under the terms of the agreement, Claire's Stores, Inc. shareholders will receive $33 in cash for each share of Claire's Stores, Inc. common stock or Class A common stock that they hold, which represents a transaction value of approximately $3.1 billion.
Claire's Co-Chairmen and Co-CEO's Bonnie Schaefer and Marla Schaefer in a joint statement noted that, "The decision to sell the company that our father founded was reached after an enormous amount of soul searching over time and brings our strategic review to a successful conclusion. After reviewing the final bids, our Board of Directors unanimously concluded, after in-depth consideration, that this transaction with Apollo is in the best interests of our shareholders. We also believe that a partnership with Apollo will create an abundance of opportunities to leverage the strong U.S. brand that we have created over the years and to continue its evolution into an even stronger global brand. Apollo's desire to add Claire's to its portfolio serves as a testament to our solid business model, our unrivaled niche and the talent of our people."
Peter Copses, a Senior Partner at Apollo, said, "We are extremely pleased to be acquiring this premier specialty retailer. We look forward to partnering with Claire's management team and employees, who have done an outstanding job creating a market leader, to build on the many strengths of the Company. We believe that the increased flexibility available to a private company will enable Claire's to capitalize on the many opportunities before it, both here and abroad. We have a long track record of successful investment in the retail industry and are firmly committed to Claire's continued growth as a highly successful global specialty retailer."
The Schaefer family, which owns a significant percentage of the voting power of the equity of Claire's Stores, Inc., has entered into a separate agreement to vote its shares in favor of the merger.
Completion of the transaction is subject to customary closing conditions, including regulatory review and the approval of the transaction by Claire's Stores, Inc.'s shareholders.
Goldman, Sachs & Co. acted as the financial advisor to Claire's Stores, Inc. in connection with the strategic review and transaction. In addition, Peter J. Solomon Company provided a fairness opinion to the Board of Directors of Claire's Stores, Inc. in connection with the transaction. Simpson Thacher & Bartlett LLP acted as legal advisor to Claire's Stores, Inc. in connection with the transaction. Tri-Artisan Partners acted as financial advisor to Apollo with respect to certain matters, Morgan, Lewis & Bockius acted as Apollo's legal advisor and Bear Stearns, Credit Suisse and Lehman Brothers will be providing financing to Apollo in connection with this transaction.
For more information: http://www.clairestores.com/

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