Intimate Brands buyout
This article was originally published in The Rose Sheet
Executive Summary
Intimate Brands to begin merging into a subsidiary of The Limited March 21 after close of trading, company announces March 21. Move comes after 72.6 mil. IBI shares were tendered to The Limited as part of the company's stock repurchase offer, giving The Limited a 98% stake in Intimate Brands. The Limited announced the buy-back plan Feb. 5, but later sweetened its offer after several IBI shareholders filed lawsuits alleging the terms undervalued the company. An outside review panel appointed by IBI recommended shareholders accept the stock swap, which is valued at $1.56 bil. (1"The Rose Sheet" March 18, 2002, p. 4)...