Neiman Marcus shareholders approve $5.1 billion sale
Shareholders of Neiman Marcus Group on Tuesday approved the company's sale to two private equity firms for $5.1 billion.
The Texas Pacific Group in Fort Worth and Warburg Pincus LLC in New York agreed to buy the Dallas-based luxury retailer in May.
Under the terms of the merger agreement, Neiman Marcus (NYSE: NMGA, NMGB) shareholders will receive $100 a share. The merger is expected to be completed during the last calendar quarter of 2005.
The company operates 35 Neiman Marcus stores in the country, including its first location in San Antonio at The Shops at La Cantera, opening in September.
A lawsuit brought by a union pension fund after Neiman Marcus announced the deal is still pending in a Dallas federal court, however. The complaint from the NECA-IBEW Pension Fund argues that the deal doesn't give enough value to it and other Neiman Marcus shareholders.
Texas Pacific has more than $20 billion under management and often takes control of the companies in which it invests. Its investments include Petco, J.Crew, Burger King and America West. The company also has offices in San Francisco and London.
Warburg Pincus has about $13 billion under management and invests in a range of industries including real estate, health care, media and business services.
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