Business News
Liberty Media to Acquire Celebrate Express
Friday 27. June 2008 - Leading Provider of Party Supplies and Costumes Enhances Web Strategy
Liberty Media Corporation (NASDAQ:LINTA)(NASDAQ:LMDIA)(NASDAQ:LCAPA) (“Liberty”) and Celebrate Express (NASDAQ:BDAY) (“Celebrate”) today announced they have entered into a definitive agreement for Liberty to acquire Celebrate, a leading online and catalog retailer of party supplies and costumes marketed under the brands Birthday Express, 1st Wishes and Costume Express. Under the terms of the agreement approved by both boards of directors, Liberty will pay $31 million in cash, or $3.90 per Celebrate share. Celebrate will be attributed to the Liberty Interactive Group.
“We look forward to Celebrate Express joining the Liberty Media family and combining it with BUYSEASONS, Inc. the Internet costume and party retailer acquired by Liberty Media in 2006. This will make BUYSEASONS the stand out leader in the online party, costume and Halloween industry,” said Michael Zeisser, Senior Vice President of Liberty Media. “The Celebrate Express acquisition represents another step in our stated strategy to acquire niche e-Commerce businesses whose value we can enhance”.
“We are excited that Liberty Media will continue Celebrates’ mission of creating category specific brands which are designed to help busy moms celebrate the special moments in the lives of their family,” said Celebrate Express CEO Kevin Green. “Celebrate Express launched its first catalog, Birthday Express in 1994 to provide a one-stop shop to help busy parents celebrate their children’s birthdays. Since then we have grown our offerings to focus on milestone birthdays and year-round costume parties, and we are gratified that the Liberty Media acquisition recognizes the growth of our business and offerings.”
“We’re impressed with Celebrate’s expertise in the party category and we look forward to working with them to leverage the strengths of each of our brands,” said Jalem Getz, President and CEO of BUYSEASONS.
The proposed transaction is expected to close in the third calendar quarter of 2008. Completion of the transaction is subject to Celebrate stockholder approval and other customary closing conditions. Cowen and Company, LLC is serving as financial advisor to Celebrate.
In connection with the proposed transaction each of Arch Ventures, Thesis Capital and Spencer Management has agreed to vote the shares it owns or controls in favor of the proposed transaction and against any alternative proposal, in addition to other customary agreements. Combined these shareholders own or control approximately 40% of the outstanding common stock of Celebrate.