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BJ's shareholders OK acquisition
Westborough, Mass. -- BJ’s Wholesale Club said Friday that its shareholders have okayed the acquisition bid that will take the company private.
Private equity firms Leonard Green & Partners and CVC Capital Partners agreed to acquire the warehouse club operator in a deal valued at $2.8 billion.
According to BJ’s, 72% of its shareholders approved the bid. The deal is slated to close on or about Sept. 30.
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Costco, BJ’s and Target beat estimates in July
New York City -- Warehouse club operators Costco and BJ’s Wholesale Club continue to benefit from high fuel prices and bargain-seeking consumers, with both chain reporting solid results.
Costco reported a 10% rise in same-store sales In July, beating Wall Street's expectations for an 8.6% increase.