Restoration Hardware Shareholders Approve Buyout
Corte Madera, Calif. Restoration Hardware Inc. said its shareholders approved selling the company to the private-equity group Catterton Partners for about $179 million.
The company said Thursday that more than 99% of the votes cast at the meeting were in favor of the deal.
Catterton Partners will buy the outstanding shares of the company for about $4.50 per share in cash.
Restoration Hardware said the deal should be completed next week.
The retailer said it also reached a preliminary agreement for the settlement of a shareholder complaint filed in a California state court against the company, its directors, Catterton Partners and certain shareholders participating in the acquisition.
Under terms of the settlement, the suit will be dismissed with prejudice and the company will establish a fund of $3.7 million to be paid to shareholders when the acquisition deal closes.
The company said it settled the case to "expedite the closing" of the acquisition.