PETRIE STORES OK’S SALE OF TOYS ‘R’ US STAKES
NEW YORK — Petrie Stores Corp., based in Secaucus, N.J., has approved the spinoff of its 14 percent stake in Toys ‘R’ Us Inc. to shareholders.
Shareholders at a special meeting agreed to exchange 39.85 million shares of Toys ‘R’ Us and $165 million in cash held by Petrie for 42.1 million shares of Toys ‘R’ Us.
Shareholders also approved of the liquidation and dissolution of Petrie Stores. In December, Petrie sold its retail operations for $190 million to an investor group that included E.M. Warburg, Pincus & Co., senior management at Petrie, and Verna Gibson, a former president of Limited Stores. — Fairchild News Service