Limited Brands agrees to buy La Senza shares as takeover offer
16 Nov '06
3 min read
Leslie H. Wexner, Chairman and Chief Executive Officer of Limited Brands, said, "This acquisition is all about achieving growth for two companies that share similar values. La Senza is a very well-run business and we look forward to partnering with its management team, who will continue to operate the company in the normal course of business.”
“La Senza is a great strategic fit with our intimate apparel business, and their international infrastructure, real estate expertise, and operating model will also be great assets to us as we look to enhance our capabilities to meet our strategic growth initiatives internationally."
The transaction is expected to be modestly accretive to Limited Brands' earnings per share in 2007, subject to final purchase price allocation.
The proposed transaction is equivalent to an enterprise value of $568 million (U.S.) after taking into account the cash, securities and debt on La Senza's balance sheet as of July 29, 2006.
La Senza Corporation will conduct two similar conference calls for shareholders and media at 5:30 p.m. Wednesday evening, November 15th, and 9:00 a.m. Thursday, November 16th.
marketing@alchempro.com
