RE partners buy Linens 'n Things for $1.3B.NRDC NRDC Natural Resources Defense Council NRDC National Research and Development Centre (Institute of Education, London) NRDC National Realty & Development Corp. Real Estate Advisors in partnership with Apollo Management, L.P., and other co-investors has entered into an agreement to buy Linens 'n Things Linens 'n Things, Inc., headquartered in Clifton, New Jersey, is the second-largest large-format retailers of home textiles, housewares and decorative home accessories in the United States, behind Bed Bath & Beyond. . The total consideration to be paid to Linens 'n Things stockholders is approximately $1.3 billion. The investors have received a commitment from Bear, Stearns & Co. Inc. and UBS Securities LLC to provide the debt financing for the transaction. NRDC Real Estate Advisors, LLC is a partnership between the principals of National Realty & Development Corp., headquartered in Purchase, NY, and principals of Apollo Real Estate Advisors. National Realty & Development Corp. are the owners and developers of over 14 million square feet of shopping centers throughout the United States. National Realty & Development Corp., a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , has been in business for over forty years and has built a reputation and longstanding relationships with the strongest retailers in the industry today. The company currently has over 2 million square feet of new shopping center developments planned over the next 2 years. Apollo Management, L.P., head-quartered in New York, NY, is among the most active private investment firms in the United States. Since its inception in 1990, Apollo has managed the investment of more than $12 billion in a wide variety of industries, both domestically and internationally. During its history, Apollo has made several investments in retail-oriented businesses, including General Nutrition Centers General Nutrition Centers or GNC is a Pittsburgh-based American commercial enterprise focusing on the retail sale of health and nutrition related products, over the counter drugs, and foods/food supplements world-wide through GNC branded stores. , Inc., Rent-A-Center, Inc., Ralphs Grocery Company, Dominick's Supermarkets and Zale Corporation, among others. Robert C. Baker Robert C. Baker (December 29, 1921 - March 13, 2006), was the inventor of the chicken nugget, and a member of the American Poultry Hall of Fame. Education of NRDC Real Estate Advisors, stated that, "We are excited about buying this world class company and working with a management team that will bring the company to the forefront of home goods retailing in the United States and Canada." Richard A. Baker For the Historian of the United States Senate, see . Richard A. "Rick" Baker (born December 8, 1950 in Binghamton, New York, U.S.) is a Hollywood special makeup effects artist known for his realistic creature effects. He is the winner of 6 Academy Awards for Best Makeup. of NRDC Real Estate Advisors, further stated, "NRDC Real Estate Advisors has a special talent in helping retailers locate stores in high quality locations. The synergy between Apollo Management, L.P., and NRDC Real Estate Advisors make the prospects for this company very exciting." Linens 'n Things board of directors unanimously approved the merger transaction. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. LLC and Lehman Brothers Inc. have acted as the Company's financial advisors. Pitney Hardin LLP is acting as Linens 'n Things legal counsel. Morgan Lewis & Bockius LLP is acting as Apollo's legal counsel. The parties currently anticipate consummating the merger in the first or early second quarter of 2006. Upon the closing of the merger, shares of Linens 'n Things common stock would no longer be listed on the NYSE NYSE See: New York Stock Exchange . Linens 'n Things, with 2004 sales of $2.7 billion, is one of the leading, national large format retailers of home textiles, housewares and home accessories. |
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