Jostens Shareholders OK Company's Sale
Jul. 09, 2003
BLOOMINGTON, Minn. (AP) _ Shareholders of Jostens Inc., the largest U.S. supplier of class rings and yearbooks, voted Tuesday to approve the company's sale to a unit of Credit Suisse First Boston in a cash deal worth $494 million plus debt assumption.
Under the plan announced in June, Jostens' current owner, Investcorp Bank, will receive $48 per share, or about $494 million, for 10.3 million Jostens shares. DLJ Merchant Banking Partners, the private equity unit of Credit Suisse, and its affiliated funds will assume $537 million of Jostens' long-term debt.
Under the agreement, Ring Acquisition Corp., a newly formed company controlled by DLJ and managed by CSFB Private Equity, will be merged with Jostens, with Jostens as the surviving corporation.
Jostens has said no significant management changes or layoffs are expected. The company has 6,000 employees, with 1,000 in Minnesota. The other employees are at 13 manufacturing and distribution facilities across the country.
For the year ended Dec. 28, 2002, Jostens had net sales of $756 million, up 3 percent from the prior year and net income of $29 million, compared with $4.1 million in 2001, which included a $22.4 million loss on discontinued operations.
On the Net:
Jostens Inc.: http://www.jostens.com