Leonard Green Submits Bid for BJ's Wholesale (BJ)
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Private equity firm Leonard Green disclosed in an SEC filing that is has submitted a bid for BJ's Wholesale Club Inc. (NYSE: BJ) on June 16, 2011.
Terms of the proposal were not disclosed.
From the filing:
On June 16, 2011, LGP, on behalf of GEI V and GEI Side V (the “LGP Funds”), and CVC Capital Partners Advisory (U.S.), Inc., in respect of funds advised by it (“CVC,” and such funds advised by CVC, the “CVC Funds”) submitted a joint proposal (the “Joint Acquisition Proposal”) to the Issuer, in compliance with the terms of their respective confidentiality agreements with the Issuer. LGP previously filed such confidentiality agreement as Exhibit 7.1 to Amendment No. 1 to Schedule 13D dated March 22, 2011. The Joint Acquisition Proposal contemplates that a newly formed entity jointly controlled by the LGP Funds and the CVC Funds would acquire all of the outstanding equity securities of the Issuer through a merger (the “Potential Acquisition”). The Joint Acquisition Proposal contemplates that the aggregate equity investment required to fund the Potential Acquisition would be obtained equally from the LGP Funds and the CVC Funds. There can be no assurance that LGP and CVC will reach an agreement with the Issuer with respect to the Potential Acquisition or any other transaction relating to the Issuer.
Terms of the proposal were not disclosed.
From the filing:
On June 16, 2011, LGP, on behalf of GEI V and GEI Side V (the “LGP Funds”), and CVC Capital Partners Advisory (U.S.), Inc., in respect of funds advised by it (“CVC,” and such funds advised by CVC, the “CVC Funds”) submitted a joint proposal (the “Joint Acquisition Proposal”) to the Issuer, in compliance with the terms of their respective confidentiality agreements with the Issuer. LGP previously filed such confidentiality agreement as Exhibit 7.1 to Amendment No. 1 to Schedule 13D dated March 22, 2011. The Joint Acquisition Proposal contemplates that a newly formed entity jointly controlled by the LGP Funds and the CVC Funds would acquire all of the outstanding equity securities of the Issuer through a merger (the “Potential Acquisition”). The Joint Acquisition Proposal contemplates that the aggregate equity investment required to fund the Potential Acquisition would be obtained equally from the LGP Funds and the CVC Funds. There can be no assurance that LGP and CVC will reach an agreement with the Issuer with respect to the Potential Acquisition or any other transaction relating to the Issuer.
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