NEW YORK (MarketWatch) — Shares in Brookstone Inc. rose more than 30% at one point in Friday trading after the specialty retailer said it agreed to be acquired by a consortium for about $430 million.
stock added $4.28, or 27.4%, to close at $19.88. Under the terms of the deal, Brookstone shareholders will receive $20.50 a share in cash.
The purchasers are OSIM International Ltd., a Singapore marketer of health and fitness products; Temasek Holdings Ltd., a Singapore investment company; and Boston private-equity firm J.W. Childs Associates L.P.
Merrimack, N.H.-based Brookstone said its board unanimously approved the deal, which is expected to close in the second or third quarter of 2005.
The retailer said its current management team would stay with the company and that its headquarters would remain in New Hampshire.
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