Iparty Will be Acquired by Party City for $0.45 per Share
iParty Corp. (NYSE MKT: IPT - news), a leading party goods retailer with a strong presence in New England, and Party City Holdings Inc., North America's largest party supply retailer today announced that they have entered into a definitive merger agreement under which Party City will acquire iParty for $0.45 per share of iParty Common Stock and the greater of liquidation preference or conversion value for each share of iParty Preferred Stock, in cash. The purchase price for iParty Common Stock represents a 200% premium over the closing price of iParty Common Stock as of February 28, 2013.
“Party City is a leading player in our industry and we could not be more pleased with this outcome of the strategic review we initiated last year and the return it affords to all of our stockholders, both Common and Preferred,” said Sal Perisano, iParty's Chairman and Chief Executive Officer. “The Party City network with their Amscan distribution platform will benefit our stores and products by significantly increasing our scale and broadening our geographic presence. We look forward to working with Party City and its management team as we integrate our companies.”
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.