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Just in: Apollo to don Claire's

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Published March 20, 2007 at 3:41 PM

Claires storefrontClaire's Stores Inc. has issued a press release confirming reports that New York private equity firm Apollo Management LP has won the auction for the teen-oriented jewelry retailer. After a difficult auction, the retailer has agreed to be acquired by Apollo for $33 a share, or $3.1 billion, which is what The Deal had reported as the expected sale price last month. The news follows two reports in today's New York Post and Women's Wear Daily that Apollo was the only remaining bidder. Both publications reported that Apax Partners had dropped out of the auction. Although The Deal had reported on Feb. 28 that Lee Equity Partners and Kohlberg Kravis Roberts & Co., working as a consortium, could also be interested in the retailer, neither publication cites their involvement. The two papers differed on price, but WWD had it right. —Matthew Wurtzel

See press release
See story from The New York Post
See story from WWD (subscription required)
See earlier story from The Deal
See profile from Auction Block

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