Thursday, June 28, 2007

Guitar Center Sold for $1.9 Billion

New York (July 27, 2007)--Guitar Center has agreed to be acquired for $1.9 billion by Bain Capital Partners, LLC, a global private investment firm. The total transaction value, including assumed debt, is approximately $2.1 billion. Under the agreement, stockholders will receive $63.00 per share of Guitar Center stock--a 26 percent premium over the $50.06 that the retailer's shares closed at yesterday on June 26, 2007. In early trading following the announcement, the stock shot up to over $60 a share on the NASDAQ.