BJ’s Wholesale Club to be Acquired for $2.8 Billion

BJ’s Wholesale Club to be Acquired for $2.8 Billion

Firm News

Related Solutions

A deep and diverse practice focused on maximizing tax efficiencies and minimizing tax risks for clients nationally and internationally.
We provide legal insight and practical solutions for one of the most complex and highly regulated areas of business.
WilmerHale has been at the forefront of complex financial restructuring and bankruptcy litigation and policy matters for decades.
WilmerHale client BJ's Wholesale Club Inc. (BJ's) today announced it has entered into a definitive agreement to be acquired by Leonard Green & Partners (LGP) and CVC Capital Partners in an all-cash transaction valued at approximately $2.8 billion.

Under the terms of the agreement, BJ's shareholders will receive $51.25 per share in cash for each outstanding share of BJ's common stock, representing an approximately 38% premium to the closing price of BJ's shares on June 30, 2010, the day before LGP announced its 9.5% ownership stake in the company.

BJ's board of directors has unanimously approved the merger, which culminated a year-long process of evaluating strategic alternatives. The merger is subject to the approval of BJ's shareholders, customary closing conditions and regulatory approvals. The transaction is expected to close during the fourth quarter of 2011.

The WilmerHale team that acted as BJ’s legal counsel was led by Partners Jay Bothwick and Mark Borden, and Counsel Joseph Minko, on the transactional side; Partner John Sigel on the financing side; Partner Scott Kilgore on employment issues; and Partners Roger Ritt and Kimberly Wethly on tax matters.

The complete release can be found on BJ’s website.

Notice

Unless you are an existing client, before communicating with WilmerHale by e-mail (or otherwise), please read the Disclaimer referenced by this link.(The Disclaimer is also accessible from the opening of this website). As noted therein, until you have received from us a written statement that we represent you in a particular manner (an "engagement letter") you should not send to us any confidential information about any such matter. After we have undertaken representation of you concerning a matter, you will be our client, and we may thereafter exchange confidential information freely.

Thank you for your interest in WilmerHale.

I Accept Cancel