NEW YORK (AP) - Clothing and accessories company Rue21 has agreed to be taken private in nearly $1 billion deal with private equity firm Apax Partners.
Shares hit an all-time high Thursday.
Apax will pay $42 per share, a 23 percent premium to Rue21 Inc.'s Wednesday closing price of $34.12. The companies put the deal's total value at $1.1 billion.
Rue21 has about 23.7 million outstanding shares, according to FactSet.
The company's stock jumped $7.75, or 22.7 percent, to $41.87 in midday trading. The shares touched the offer price of $42 earlier in the session.
Rue21's board approved the transaction based on a unanimous recommendation by a special committee made up of three independent directors.