Tags: NY Post Leonard Green Aims to Buy BJs Wholesale

NY Post: Leonard Green Aims to Buy BJ's Wholesale

Wednesday, 29 Dec 2010 09:30 AM

Shares of BJ's Wholesale Club Inc. jumped 6 percent on Wednesday after a report said buyout firm Leonard Green & Partners may launch a hostile bid for the company.

The firm wants to see an auction initiated in the coming weeks, the New York Post said, citing sources.

"If it gets to mid-January and a sale has not started, there may be difficult conversations," one source close to the situation told the newspaper.

However, BJ's board and management have promised to initiate an auction after the holidays, according to the Post.

Leonard Green has "made it clear they have the potential to go hostile" with a BJ's bid, a source told the paper.

Last week, Leonard Green offered to buy fabric and crafts company Jo-Ann Stores Inc. for about $1.6 billion in cash, less than a month after the private equity firm took part in the buyout of clothing retailer J Crew Group Inc.

BJ's spokeswoman Cathy Maloney declined to comment. Leonard Green & Partners could not be reached for comment.

BJ's shares were up 6.1 percent at $47.20 during premarket trading.

© 2017 Thomson/Reuters. All rights reserved.

   
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Shares of BJ's Wholesale Club Inc. jumped 6 percent on Wednesday after a report said buyout firm Leonard Green Partners may launch a hostile bid for the company. The firm wants to see an auction initiated in the coming weeks, the New York Post said, citing sources. If...
NY Post Leonard Green Aims to Buy BJs Wholesale
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2010-30-29
Wednesday, 29 Dec 2010 09:30 AM
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