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Shares of BJ's Wholesale Club, Inc.
BJ are rocketing higher today, gaining almost 4% on
news that the company and private equity firm Leonard Green & Partners have entered into a confidentiality agreement, which may be a precursor to the warehouse retailer going private.
In
February, the company's board said it had decided to explore strategic alternatives, after reports that Leonard Green was looking into the company. The private equity firm owns a 9.5% stake in the company.
BJ's, which competes with Costco
and Sam's Club
WMT has long been the subject of speculation in regards to going private.
Leonard Green said during the summer of last year that it was looking to take the company private, which would mark the third significant acquisition of the private equity firm in the past few months. Leonard Green has also recently taken J. Crew
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private, and a couple of weeks ago, put out an offer to Ninety Nine Cents Stores
NDN.
BJ's declined to comment on Tuesday morning. The wholesale club, which opened its doors in 1984, has said it will not provide updates or make further comments about the process unless a specific action is recommended by a committee of independent directors or the process is concluded. It also just closed its acquisition of Jo Ann Stores.
At last check, shares of BJ's were up $1.87 to $48.39, a gain of over 4%.
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