West Marine to be acquired by Monomoy Capital for $12.97 per share
West Marine (WMAR) and Monomoy Capital Partners announced that they have executed a definitive merger agreement under which a wholly owned affiliate of Monomoy will acquire all of the outstanding shares of common stock of West Marine at $12.97 per share in cash, which represents a total equity value of $338M.
This price represents a premium of 32% over the 30-day average performance of West Marine’s stock price reported on NASDAQ.
Company founder and board member, Randy Repass, has entered into a voting agreement whereby he and his affiliated entities over which he has sole or shared voting have agreed to vote shares representing approximately 20% of the company’s voting power in favor of the transaction.
Following the close of the transaction, West Marine will be privately held and continue to be operated independently by the company’s management team.
The transaction, which has been unanimously approved by West Marine’s Board of Directors, is expected to close in the third quarter of this year, subject to West Marine’s stockholder approval and other customary closing conditions.
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