DEI Holdings announced its shareholders approved the purchase of the company at a new higher price by Charlesbank Capital Partners for approximately $4.46 per share in cash or about $305 million.
The price is higher than the original $285 million as another suitor, Gibson Guitar Company, offered to buy DEI for $4.47 per share in cash and so Charlesbank subsequently matched the Gibson proposal.
DEI’s board of directors chose the Charlesbank offer because Gibson still needed to conduct due diligence and there were numerous conditions associated with the deal that were uncertain, it said.
Previously Charlesbank offered $3.79 to $3.80 cents a share.
Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital.
Source: DEI Holdings