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Clifton, N.J., Linens ’n Things has agreed to be acquired in a $1.3 billion deal that will take the chain private. The home-furnishings retailer, which has been struggling with stiff competition from discounters and specialty chains, will be acquired by a newly formed company controlled by Apollo Management. Under the terms of the agreement, Linens ’n Things stockholders are to receive $28 per share in cash.
“Apollo is investing in our concept, our company and our future, which will lead to additional new opportunities for all our associates and our business partners,” said Norman Axelrod, chairman and CEO, Linens ’n Things.
The merger is expected to close in the first or early second quarter of 2006.