MANSFIELD, Mass. (AP) - Luggage maker Samsonite Corp. on Thursday said it agreed to be acquired by funds affiliated with private-equity company CVC Capital Partners for $1.49 per share, or about $1.11 billion.
The company had about 742.1 million shares outstanding as of June 8, according to a filing with the Securities and Exchange Commission, implying a purchase price of about $1.11 billion. Including the assumption of debt, the deal is worth about $1.7 billion.
The price is a 12 percent premium from the company's closing price Tuesday on the Over-the-Counter Bulletin Board.
Samsonite's board approved the deal, and groups that control about 85 percent of Samonsite stock have agreed to approve the deal, which is expected to close during the fourth quarter.
Samsonite has been struggling since a major refinancing deal fell through following the Sept. 11, 2001 terrorist attacks. The company has also faced shareholder lawsuits and posted years of net losses.