Steiner Leisure To Be Taken Private By Catterton Partners In $925 Mln Cash Deal

(RTTNews) - Spa services provider Steiner Leisure Ltd. (STNR) agreed Friday to be taken private by an affiliate of consumer-focused private equity firm Catterton Partners for $65 per share in an all-cash deal valued at about $925 million, including assumed net debt.

The purchase price represents a premium of about 15 percent over Steiner Leisure's closing share price of $56.53 on Thursday, the last trading day prior to this announcement. It also represents a premium of about 21.5 percent over Steiner Leisure's 90 day weighted-average closing share price on Thursday.

Steiner Leisure's Board of Directors unanimously approved the merger upon the recommendation of a Special Committee comprised entirely of independent directors.

The transaction is expected to close in the fourth quarter of 2015 or early in 2016, and is primarily subject to regulatory approvals and approval of Steiner Leisure shareholders.

The transaction is not subject to a financing condition. The merger agreement also provides for a "go-shop" period until October 6, 2015.