Warrendale, PA—Rue21 revealed Wednesday that it received no other offers for the company, with its sale to private equity firm Apax Partners likely to close by the end of the year.
The $1.1 billion acquisition, which was originally announced in May, will help Rue21 to expand its store portfolio and build an e-commerce platform.
Under the teams of the deal with Apax, Rue21 was allowed to evaluate and potentially enter into negotiations with any parties that made a better offer.
The teen retailers and its financial adviser, Perella Weinberg Partners LP, contacted 60 potential buyers, leading to six who entered into confidentiality agreements to consider an acquisition, according to the company.
None of them made alternative offers.
The merger is now expected to proceed, with shareholders of the company to receive $42 per share for the company, which is subject to customary closing conditions and shareholder approval.