Party City Holdco Inc. stock price

Party City Holdco Inc. latest news:


  • 12/22/2017 06:43:06

    Party City's stock rallies after deal to buyback all of 2nd-largest shareholder's stake

    Shares of Party City Holdco Inc. rallied 4.1% in premarket trade Friday, after the party goods retailer announced a deal to buy back all of the shares owned by Advent-Party City Acquisition L.P. for $242 million. Before the deal, Advent owned 19.84 million Party City shares, making it the second-largest shareholder. The deal implies a value of $12.20 for each Party City share, which equals Thursday's closing price. Party City said it plans to fund the deal with borrowings under its revolving credit facility. "We believe this transaction provides an opportunity to increase shareholder value and is immediately accretive to earnings per share," said Chief Executive Jim Harrison. "Additionally, this transaction removes a share over hang associated with Advent's long term shareholder interest in the business." The stock had dropped 14% year to date through Thursday, while the SPDR S&P Retail ETF had gained 3% and the S&P 500 had climbed 20%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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