Catterton Set to Take Steiner Leisure Private in $925M Deal
August 24, 2015
Catterton has agreed to acquire Steiner Leisure (NASDAQ: STNR), a provider of beauty and wellness products and services, in a transaction valued at approximately $925 million, including debt. The firm will acquire all of the company's outstanding shares at $65 per share in cash, a premium of roughly 21.5% over Steiner Leisure's 90-day-weighted-average closing share price on Thursday. The transaction is expected to close in 4Q 2015 or early 2016. The company does have a "go-shop" period until October 6 to solicit other third-party proposals.