BJ's shareholders OK acquisition by Leonard Green, CVC
WESTBOROUGH, Mass. — At a special meeting held Friday, BJ's Wholesale Club stockholders approved the definitive agreement between the company and Leonard Green & Partners and CVC Capital Partners to be acquired in an all-cash transaction valued at about $2.8 billion.
BJ's anticipates the closing of the transaction, which was announced in late June, will occur around the end of the month.
The agreement was approved by holders of approximately 72% of the company’s outstanding common stock, while holders of approximately 0.4% of the company’s outstanding common stock voted against it. The payout to shareholders is $51.25 per share in cash.
Last month, the wholesaler reported that its second-quarter results beat expectations, thanks to strong performances in key categories and higher gas profitability.