Rue21 shareholders approve buyout
Shareholders of Rue21 Inc. voted overwhelmingly on Thursday to accept a $1.1 billion offer from London-based private equity firm Apax Partners to take the Marshall-based clothing retailer private.
Apax Partners offered $42 a share in cash to acquire rue21 in late May. The firm controls funds that owned about 30 percent of rue21. The deal is expected to close in early October, the company said.
Rue21 is a specialty retailer of value-priced, fashionable clothing for teens and young adults and operates 971 stores in 47 states. It employs more than 10,000 worldwide, including about 300 at its headquarters and 200 at a distribution center in Weirton, W.Va. No layoffs are planned.
Thomas Olson is a Trib Total Media staff writer. He can be reached at 412-320-7854 or at firstname.lastname@example.org.
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