Deals
Big Lots Says Nexus Is Working on Financing for Takeover Offer
- Nexus looks to obtain $750 million in financing for retailer
- Private equity firm planning to buy Big Lots out of bankruptcy
A Big Lots store in Los Angeles, California.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
Private equity firm Nexus Capital Management is working with Big Lots Inc.’s lenders to get roughly $750 million in financing as part of a previously announced deal to acquire the retailer out of bankruptcy, an attorney for the discount chain said in a Monday court hearing in Delaware.
Big Lots’ lawyer Jonah Peppiatt said during the hearing that the retailer and its stakeholders expect Nexus will obtain the financing “to firm up its bid” ahead of a Friday bid deadline. Nexus’ offer is in the form of a stalking horse bid, meaning Big Lots could proceed with a better offer if any materialize by the deadline.