Close to 3 million shares tendered in offer for Factory Card & Party

By Lisa Kerner

Charlotte, N.C., Nov. 7 - AAH Holdings Corp. subsidiary Amscan Acquisition, Inc. accepted 2,989,073 shares, or some 86%, of the common stock of Factory Card & Party Outlet Corp. in a tender offer ended Nov. 5.

Stockholders will receive $16.50 per share without interest, according to a company news release.

Amscan began a subsequent $16.50-per-share offer for the remaining untendered shares that is slated to end at 11:59 pm ET on Nov. 15.

It was previously reported that AAH Holding agreed to acquire Factory Card & Party in an all-cash transaction valued at about $72 million including debt.

Factory Card & Party is a Naperville, Ill., specialty retailer.

AAH designs, manufactures and distributes party goods. The Elmsford, N.Y.-based company is owned by Berkshire Partners, Weston Presidio and AAH management.

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