National Jeweler’s parent company accepts buyout

Valcon Acquisition and VNU, owner of National Jeweler, said on Sunday that Valcon’s $9.7 billion bid has been accepted by VNU shareholders, Reuters reports.

Valcon, the buyout vehicle used by a consortium of six private equity firms reportedly said on Sunday that it has acquired 78.7 percent of all company shares. The remaining shares could be tendered by June 9. The consortium is comprised of AlpInvest Partners NV, The Blackstone Group LP, The Carlyle Group, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co. LP, and Thomas H. Lee Partners LP, the Associated Press reports.

The consortium had raised its offer on May 4 to 29.50 euros a share from 28.75 while lowering the acceptance threshold needed to close the deal to 80 percent from 95 percent, Reuters reports.

Templeton Global Advisors, which owns about 14.7 percent of VNU’s shares, said early last week it would support the deal, Reuters reports. On Friday, Knight Vinke Asset Management, VNU’s most vocal dissenting shareholder, also gave up its opposition to the deal.

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