Samsonite bagged for 1.1B |
| New York Daily News - Jul 6, 2007 |
Samsonite agreed to be bought by buyout firm CVC Capital for about $1.1 billion, giving the 97-year-old luggage maker its fifth owner in 21 years.
Including debt, the transaction value totals $1.7 billion.
Samsonite, a unit of Beatrice Foods in the 1980s, is being sold by buyout firms including Bain Capital that own 85% of the company. The stock lost almost all its value in 2003 before rebounding on an increase in travel.
Samsonite shares rose 11 cents, or 7.5%, to $1.44 . in over-the-counter trading. It was the biggest jump since November and its highest share price since April 2005. In 2003, it traded at as low as 33 cents before Ares Management, Bain Capital and the Ontario Teachers' Pension Plan rescued Samsonite from its burgeoning debt.
Read Full Article from New York Daily News
- Posted: 2007-07-06 10:18:41
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