Restoration Hardware to be acquired
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Restoration Hardware Inc., the Corte Madera, Calif.-based home-furnishings chain, agreed to be acquired by buyout firm Catterton Partners for $267 million.
The $6.70-a-share offer is more than double Restoration Hardware’s closing price Wednesday, the company said Thursday. The company, which has 110 locations in 30 states, said it would solicit higher offers until Dec. 13.
The chain, hurt by the worst U.S. housing slump in more than a decade, is facing its third unprofitable year in the last five. Founded in 1979 as a specialty retailer of fixtures for older homes, it also sells furniture, lights and bedspreads and had $712.8 million in revenue last year.
Chief Executive Gary Friedman, who came from Williams-Sonoma Inc. in 2001, increased the company’s Internet and catalog marketing to about a third of revenue last year from 11% in 2002.
Restoration Hardware shares rose $3.76 to $6.44.
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