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By
Reuters
Published
Mar 7, 2013
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Sycamore Partners to acquire Hot Topic for $600 million

By
Reuters
Published
Mar 7, 2013

Teen apparel retailer Hot Topic Inc said it will be bought by private equity firm Sycamore Partners for about $600 million.

Sycamore will pay $14 per share in cash, a 30 percent premium to Hot Topic's Wednesday close of $10.75 on the Nasdaq.

Shares of Hot Topic, which is valued at about $455 million, were halted on the Nasdaq on Thursday.

Hot Topic Chief Executive Lisa Harper and top shareholder Becker Drapkin Management LP have signed agreements indicating they support the deal, Hot Topic said in a statement.

Harper and Becker Drapkin together hold about 8.9 percent of the Hot Topic shares.

Sycamore Partners, which acquired women's apparel retailer Talbots last year, is negotiating to buy Australian surfwear company Billabong International Ltd.

Guggenheim Securities is financially advising Hot Topic on the deal while Cooley LLP is advising the company legally.

Sycamore is being advised by Bofa Merrill Lynch.

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