This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PRIMEDIA Inc. To Be Acquired By TPG Capital For $7.10 Per Share In Cash

PRIMEDIA Inc. (NYSE: PRM) today announced that it has entered into a definitive agreement to be acquired by affiliates of TPG Capital.

Under the terms of the agreement, holders of the outstanding common shares of PRIMEDIA will receive $7.10 per share in cash, representing a transaction enterprise value of approximately $525 million. The agreement was unanimously approved by the Board of Directors of PRIMEDIA and the independent directors of the Board.

Charles Stubbs, President and CEO of PRIMEDIA, said, “I am pleased to announce this agreement as it delivers significant value to our shareholders. In addition, it is a clear endorsement of PRIMEDIA and of the hard work and commitment of each and every one of our employees. TPG is a premier private investment firm and has a strong understanding and appreciation for our marketplace, our business model, our business strategies and the potential opportunities that lie ahead. We are very excited about this transaction.”

"PRIMEDIA is a leading resource for consumers in search of housing," said David Trujillo, TPG Principal. "We believe the Company will benefit from the continuing secular transition from print to digital media and we look forward to building upon the Company’s innovative products and services for consumers searching for the ideal place to live."

The transaction is subject to customary closing conditions, including, among other things, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. There is no financing contingency. The transaction is expected to close in the third quarter of 2011.

Stockholders holding approximately 58% of the outstanding PRIMEDIA common stock have executed a written consent approving the transaction. Therefore, no additional PRIMEDIA stockholder action is required to complete the transaction.

Moelis & Company, LLC is acting as exclusive financial advisor to PRIMEDIA and has provided a fairness opinion to the Board of Directors of PRIMEDIA. Lazard Freres & Co. LLC provided a fairness opinion to the independent directors of the PRIMEDIA Board. Simpson Thacher & Bartlett LLP served as the Company’s outside counsel and Gibson Dunn & Crutcher LLP served as counsel for PRIMEDIA’s independent Board of Directors.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.24 1.30%
FB $99.75 -4.15%
GOOG $683.10 -0.07%
TSLA $147.99 -8.99%
YHOO $27.05 -3.30%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs