NEW YORK, September 16, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Steiner
Leisure Ltd. (NASDAQ: STNR). Select highlights from the
internally released reports are being made available to the general
public (included below), with access to the entirety of the
research available to new members.
Today, membership is open to readers on a complementary basis at
the following URL:
http://www.aciassociation.com/reports?keyword=STNR
Highlights from our STNR Report include:
- Merger Agreement - On August 21,
2015, Steiner Leisure, a
beauty, wellness and education company, reported the signing of a
definitive merger agreement under which an affiliate of
consumer-focused private equity firm Catterton Partners will
acquire all of the outstanding shares of Steiner Leisure for $65 per share in an all-cash deal valued at about
$925 million, including assumed net
debt. The purchase price represents a premium of c. 21.5% over
Steiner Leisure's 90 day
weighted-average closing share price on August 20, 2015, the last trading day prior to
the announcement.
- Management Opinion - Steiner Leisure's Board of Directors unanimously
approved the merger upon the recommendation of a Special Committee,
which stated, "After careful consideration in conjunction with our
independent advisors, the Special Committee has unanimously
concluded that this transaction is in the best interest of our
shareholders. Our Board has been committed to maximizing value for
our shareholders, and we believe that this all-cash transaction
with Catterton accomplishes that goal." Commenting upon this
merger, Leonard Fluxman, President
and CEO of Steiner Leisure, said,
"This transaction will provide Steiner
Leisure with greater flexibility to focus on our long-term
business initiatives and to improve our role as a global provider
and innovator in beauty, wellness and education."
- Other Details of the
Transaction - The release informed that the deal is expected
to close in either the fourth quarter of this year or early next
year. The Company said that the transaction is not subject to a
financing condition. Further, the merger agreement also provides
for a "go-shop" period until October 6,
2015, during which the board's Special Committee may
actively solicit alternative proposals to acquire Steiner Leisure from third parties."
- Latest Financial Results - In another press
release dated July 29, 2015,
Steiner Leisure reported its Q2 2015
financial results for the period ended June
30, 2015. Quarterly revenues were $217.4 million, up from $209.3 million in the corresponding quarter prior
year. Net income for the quarter came in at $9.0 million vis-a -vis $8.3 million in the prior year period.
To find out how this influences our rating on Steiner Leisure
Ltd., read the full report in its entirely here:
http://www.aciassociation.com/reports?keyword=STNR
--
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