Jacuzzi Brands, Inc. today announced that affiliates of Apollo Management, L.P. have completed the acquisition of Jacuzzi Brands. As previously announced, on Oct. 11, 2006, the two companies entered into a definitive merger agreement, pursuant to which Apollo would acquire all of the outstanding common stock of Jacuzzi Brands for $12.50 per share in cash and assume all outstanding debt, valuing the total transaction at approximately $1.25 billion.
Alex P. Marini, chief executive officer of Jacuzzi Brands, will have a continuing role managing both Jacuzzi Bath and Zurn Industries following consummation of the merger. George M. Sherman, co-investor with Apollo, and non-executive chairman of Rexnord Corporation and former president and CEO of Danaher Corporation, has assumed the role of non-executive chairman of Jacuzzi Bath.
Jacuzzi Brands stock will cease to trade on the New York Stock Exchange at market close today and will be delisted. Under the terms of the agreement, Jacuzzi Brands stockholders are entitled to receive $12.50 in cash for each share of Jacuzzi Brands common stock that they hold. The paying agent appointed by Jacuzzi Brands will mail a letter of transmittal and instructions to all Jacuzzi Brands stockholders of record. The letter of transmittal and instructions will contain information on how to surrender Jacuzzi Brands common stock in exchange for the merger consideration, without interest.
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