Apax Partners has inked a deal to acquire teen retailer Rue21 Inc. for $1.1 billion.
The all-cash transaction has a per-share value of $42, and represents a 23.1 percent premium over the $34.12 closing price of Rue21 shares on Wednesday. The Rue21 board members who did not recuse themselves have already approved the transaction. Two board members who are also Apax partners and Bob Fisch, chairman, president and chief executive officer of Rue21, were the three who recused themselves from the board vote.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"