Neiman Marcus plans to complete merger in October

The Neiman Marcus Group, Inc. said Monday that it expects to complete the pending merger transaction in October.

Under the merger agreement, which was approved by the company’s stockholders on August 16, the Dallas-based luxury retailer will be acquired by an entity currently indirectly owned by private equity funds sponsored by TPG Advisors III, Inc., TPG Advisors IV, Inc., Warburg Pincus & Co., Warburg Pincus LLC, and Warburg Pincus Partners LLC. Company stockholders will receive $100 per share in cash, without interest, following completion of the merger.

In a related matter, Neiman Marcus said Wednesday it will not pay a quarterly cash dividend. The takeover deal is expected to be completed before the company usually pays a dividend. Neiman’s board of directors said it will reconsider its dividend decision if the deal does not close as scheduled, the company said in a statement.

The Neiman Marcus Group, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus and Bergdorf Goodman stores. The Direct Marketing segment conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names.