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MajorsFeb 06, 2017
Blue Nile Shareholders OK Acquisition
They approved a deal that sells the online jewelry retailer to Bain Capital Private Equity and Bow Street LLC for $500 million and takes it private.
Seattle--Shareholders for Blue Nile Inc. have approved a deal that would put the online jewelry seller in the hands of private equity firms, making it a privately-owned company.
According to an 8-K filed with the Securities and Exchange Commission, Blue Nile held a meeting of stockholders at its headquarters in Seattle last Thursday to vote on its acquisition by Bain Capital Private Equity and Bow Street LLC for $500 million.
At the meeting, holders of about 80 percent of the company’s shares of outstanding stock were present, either in person or by proxy, to vote, and they voted overwhelmingly in favor of the acquisition.
According to the 8-K, there were more than 8 million votes for the acquisition and less than 600,000 votes against it.
A Blue Nile spokesperson said Friday that the transaction is expected to close in the second half of February.
Blue Nile, which was founded in 1999, announced its sale and intention to go private in November following several quarters of weak sales as the e-tailer struggles to compete with other online sellers of jewelry and the improved websites of brick-and-mortar retailers.
The company ranked No. 19 on National Jeweler’s 2016 list of $100 Million Supersellers with $398 million in jewelry sales in North America in 2015.
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