CHICAGO-Following weeks of public wrangling regarding Newcastle Partners’ buyout offer, fine-gem retailer Whitehall Jewellers Inc. is changing its tune.

On Jan. 6, the company called Newcastle’s tender offer of $1.20 per share “another in a long series of highly conditional, illusory proposals over the past several months.” At the time, Whitehall’s board contended that Newcastle’s proxy solicitation was an attempt to acquire control without paying for it.

Cautionary pressure of Whitehall’s bankruptcy soon followed, but Newcastle this week retorted with a new offer of $1.50 per share. Under the agreement, Newcastle would fund $150 million to buy all of the company’s shares and to pay off the company’s senior credit facility and refinance the bridge loan from Prentice Capital Management, LP and Holtzman Opportunity Fund, LP.

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