BJ's Wholesale Club Inc (BJ.N) agreed to be bought by private equity firms Leonard Green & Partners and CVC Capital Partners for $2.8 billion in cash, a price that shows a modest appetite for retail deals. Under terms of the deal announced on Wednesday, the wholesale club's shareholders will get $51.25 a share. That is a premium of about 38 percent over the BJ's share price when Leonard Green disclosed a stake in the company a year ago. Excluding the BJ's shares that Leonard Green already owns, the deal --- the largest retail leveraged takeover this year and the fifth-largest LBO overall -- is worth just under $2.37 billion, according to Thomson Reuters data. Shares of BJ's, which put itself up for sale in February, were up 4.6 percent to $50.31 in midday trade.
BJ?s Wholesale Club, Inc. (BJ?s) is a warehouse club operator in the eastern United States. Shares of BJ traded higher by 4.55% or $2.19/share to $50.27. In the past year, the shares have traded as low as $36.77 and as high as $52.46. On average, 1097190 shares of BJ exchange hands on a given day and today's volume is recorded at 33347770.
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