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Whitehall Considers Buyout

CHICAGO-The jewelry retailer is reviewing Newcastle Partners' most recent offer of $1.20 per share.

By Dana Dubriwny | Updated on December 08, 2005

CHICAGO-Whitehall Jewellers Inc. is reviewing an offer made by one of its stockholders, Newcastle Partners, LP, for all of the outstanding shares of the company’s common stock for $1.20 net per share. The offer, which was made last week by JWL Acquisition Corp., a wholly owned subsidiary of Newcastle, would include conditions such as replacement financing for the bridge term loan and refinancing of the company’s senior credit facility.

Currently, Newcastle owns an aggregate of approximately two-million shares or nearly 14.5% of common stock of Whitehall Jewellers Inc. This is the second offer Newcastle has made. In November, the company extended an offer to acquire the company for $15.4 million or $1.10 per share. However, Whitehall, under the leadership of Prentice Capital Management LP and Holtzman Opportunity Fund LP, refused the offer.

In October, Whitehall announced the much-needed financial support of Prentice and Holtzman. In exchange for $80 million in total bridge financing from the investment funds, Whitehall gave up 87% of its equity and a majority of board seats.

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