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Firm Eyes BJ's Takeover: Report
Private-equity firm Leonard Green & Partners could launch a hostile takeover bid for BJ's Wholesale club if the chain doesn't put itself up for sale in the next few weeks, according to a report in the New York Post.
December 29, 2010
1 Min Read
SN STAFF
LOS ANGELES — Private-equity firm Leonard Green & Partners, based here, could launch a hostile takeover bid for BJ's Wholesale Club if the chain doesn't put itself up for sale in the next few weeks, according to a report in the New York Post Wednesday.
As previously reported, Leonard Green — which also has a stake in Whole Foods Market — disclosed in July that it had acquired a 9.5% stake in BJ's and would discuss a "going-private" transaction with the retailer. Last month reports said BJ's had hired Morgan Stanley as a financial advisor and was considering putting itself up for sale.
Neither BJ's nor Leonard Green could not be reached for comment on Wednesday.
Leonard Green also recently bid to acquire retailers Jo-Ann Stores and J. Crew Group. BJ's stock was up more than 7% in Wednesday's trading, to $47.62 per share. It has a current market capitalization of about $2.6 billion.
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