Neiman Marcus selling to investment group.(News)(Brief Article)
Home Textiles Today, May, 2005
DALLAS -- The Neiman Marcus Group, Inc.'s Board of Directors has agreed to sell the company to an investment group consisting of Texas Pacific Group and Warburg Pincus LLC. Under the terms of the agreement, Texas Pacific Group and Warburg Pincus will acquire all of the outstanding Class A and Class B shares of The Neiman Marcus Group for $100 per share in cash, representing a transaction value of approximately $5.1 billion.
Each of the investors will own equal stakes in the company upon completion of the transaction. The Smith family, which owns a significant percentage of the equity of the company, has entered into a separate agreement to vote its shares in favor of the merger. Said Richard Smith, chairman of the board of The Neiman Marcus Group,...
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