Homemaking maven Martha Stewart's media and merchandising firm Martha Stewart Living Omnimedia Inc is selling itself in a $353 million cash-and-stock deal to Sequential Brands Group Inc.New York-based Sequential Brands, which buys and licenses out brands, owns Justin Timberlake's William Rast clothing brand among others. It bought a majority stake in the Jessica Simpson brand in April.Sequential's $6.15 per share offer represents a premium of 21 percent to Martha Stewart Living's closing on June 17, a day before the Wall Street Journal first reported the deal. Noble Financial Capital Markets analyst Michael Kupinski said the offer was "too low" and if the company was sold in bits, the sum of parts would be about $8 per share.
Martha Stewart Living Omnimedia, Inc. is a global lifestyle company. Shares of MSO fell by 11.6% or $-0.81/share to $6.17. In the past year, the shares have traded as low as $3.40 and as high as $7.11. On average, 322050 shares of MSO exchange hands on a given day and today's volume is recorded at 4164730.
Sequential Brands Group, Inc., is a consumer brand company. Shares of SQBG fell by 0.29% or $-0.05/share to $16.95. In the past year, the shares have traded as low as $8.67 and as high as $17.45. On average, 151222 shares of SQBG exchange hands on a given day and today's volume is recorded at 258639.