OR WAIT 15 SECS
The Carlyle Group (Washington, DC) just picked up NBTY, Inc. (Ronkonkoma, NY) for $3.8 billion in cash.Under the terms of the merger agreement, Carlyle will acquire all of the outstanding common shares of NBTY for $55.00 per share in cash, representing a premium of approximately 57% over NBTY\'s average closing share price during the 30 trading days ended July 14, 2010.
The Carlyle Group (Washington, DC) just picked up NBTY, Inc. (Ronkonkoma, NY) for $3.8 billion in cash.
Under the terms of the merger agreement, Carlyle will acquire all of the outstanding common shares of NBTY for $55.00 per share in cash, representing a premium of approximately 57% over NBTY's average closing share price during the 30 trading days ended July 14, 2010.
The board of directors of NBTY has unanimously approved the merger agreement and recommended that NBTY's stockholders adopt the agreement with Carlyle. A special meeting of NBTY's stockholders will be held as soon as practicable after the preparation and filing of a proxy statement with the Securities and Exchange Commission (Washington, DC) and subsequent mailing to shareholders. The mailing of the proxy statement is expected to take place following the expiration of the 35-day calendar period following the date of the merger agreement, during the course of which NBTY is permitted to solicit alternative proposals from third parties. The transaction is expected to close by the end of 2010.
Completion of the transaction is subject to customary conditions to closing, including approval of NBTY stockholders and regulatory approvals, but is not subject to any condition with regard to the financing of the transaction. The transaction has fully committed financing, consisting of a combination of equity contributed by Carlyle Partners V, a $13.7 billion U.S. buyout fund, and external debt financing provided by BofA Merrill Lynch (New York City), Barclays Capital (London), and Credit Suisse (Zurich, Switzerland).
Commenting on the transaction, NBTY chairman and CEO Scott Rudolph said, "This transaction delivers exceptional value to our shareholders. For our wholesale and retail customers, our commitment to quality and innovation will continue to be our focus. We will leverage Carlyle's global resources and consumer sector knowledge to further drive the company's global growth."
Sandra Horbach, Carlyle managing director and head of the consumer and retail sector team, said, "NBTY is an outstanding business with well-established brands, a proven vertically integrated multi-channel/multi-geography strategy, and strong, long-standing customer relationships. We are impressed with the business that has been built under the leadership of Scott Rudolph, and are excited to work with him and the senior management team to drive continued growth."
Original Source: NBTY Inc.