Deals
BJ’s Wholesale Set to Gain 20% With $3.1 Billion Bid: Real M&A
This article is for subscribers only.
BJ’s Wholesale Club Inc., the cheapest discount retailer in America, may be poised to extract $750 million for shareholders at the expense of its private equity bidders.
Almost five months after BJ’s board decided to explore a possible sale, Leonard Green & Partners LP and CVC Capital Partners offered to buy the warehouse-club operator without saying how much they would spend, a regulatory filing last week showed. BJ’s could ask for $53 to $57 a share, based on valuations of comparable retailers and the price Leonard Green agreed to pay for 99 Cents Only Stores in March, according to data compiled by Bloomberg.