NEW YORK — Children’s clothing retailer Gymboree Corp. has agreed to be bought by asset-management firm Bain Capital for $1.8 billion in what would be the sixth-largest private-equity deal of the year.
Gymboree said Monday the deal is for $65.40 per share, a 24 percent premium to Gymboree’s Friday closing stock price of $52.95. The retailer, based in San Francisco, has about 27.3 million shares outstanding.
Gymboree stock surged 22 percent on the news.
The news did not come as a surprise, as speculation about a potential acquisition had been brewing for a few weeks. Last week, a report from the New York Post said Gymboree was seeking a deal between $55 and $60 per share, which the proposed buyout from Bain Capital exceeds.
Aside from Bain, the report said KKR, Apax Partners, Irving Place Capital and Apollo Management were all potential bidders.
Sterne, Agee & Leach analyst Margaret Whitfield said in a note to investors that the offer is 57 percent higher than Gymboree’s closing price Sept. 30, which was the last day before market rumors began swirling about the firm.
She added that similar specialty-retail buyouts include accessories seller Claire’s in May 2007 and Tween Brands in 2009.
