Rue21 ‘go-shop’ period expires without bid
Warrendale, Pa. -- Rue21 Inc. said Wednesday that the “go-shop” period that would have allowed it to be sold to an alternate buyer has expired, edging the specialty apparel and accessories chain closer to a deal with Apax Partners.
In May, Rue21 reached a deal to sell itself to Apax for nearly $1 billion; terms allowed the retailer to shop competing bids until July 2. Although 60 potential buyers were contacted, none submitted a competing bid to acquire the company.
Rue21 also said Wednesday that the Federal Trade Commission granted early termination to the deal's anti-trust waiting period, allowing it to go forward.
If approved by shareholders, the deal with Apax is expected to close by the end of 2013.