Merisel, Inc. (OTC: MSEL) recently announced that they have entered into an agreement to be acquired by TU Holdings, Inc, a wholly owned portfolio company of American Capital Strategies, Ltd. (NASD: ACAS), with the price set at $5.75 per share in cash. Merisel is a leading provider of visual communications and brand imaging solutions to the consumer products, retail, and advertising and entertainment industries.
The transaction has already been approved by the majority of Merisel’s Board of Directors, and the board has recommended that Merisel’s stockholders approve the transaction as well. It has been reported that Merisel’s largest stockholder, Stonington Partners, L.P. which own 60% of the company’s outstanding stock, has already approved the transaction. With Stonington Partners, L.P. making up a majority of Merisel’s shares, the transaction is expected to close during the second quarter of 2008. There is no predetermined date, since the closing of the transaction depends upon the review and clearance of necessary filings with the Securities and Exchange Commission and other determining factors.
“We believe that this transaction delivers substantial value to our stockholders,” said Donald R. Uzzi, Chairman and Chief Executive Officer of Merisel. “For over a year, our Board of Directors has examined numerous strategic alternatives focused on enhancing value and has determined that a transaction with American Capital is the best alternative for our stockholders.”
Dean Anderson, Managing Director of American Capital, stated, “Merisel is a leader in the visual communications and brand imaging solutions business. We are excited about this opportunity and anticipate closing this acquisition in the second quarter of 2008.”
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