NEW YORK (TheStreet) -- Shares of Sequential Brands Group Inc.
(SQBG) are surging 19.13% to $13.89 after it announced making a bid for privately held Galaxy Brand Holdings, the owner of Linens 'N Things, in a cash and stock deal valued at approximately $260.3 million.
The Carlyle Group is the majority owner of Galaxy Brand, and aside from Linens 'N Things stores, the deal would give Sequential Brands Group access to the fitness brand Avia, basketball brand AND1 and outdoor brand Nevados.
Separately, Brean Capital today raised its price target on Sequential Brands to $15 from $10 and maintained its "buy" rating, citing the acquisition
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