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 WESTLAKE VILLAGE, Calif. (AP) - Guitar Center Inc., the largest U.S. musical instrument retailer, said Wednesday its board had accepted a $1.9 billion cash buyout offer from a private equity firm.
The deal with affiliates of Bain Capital Partners LLC came amid speculation that a buyout was in the works. Guitar Center had hired investment bank Goldman Sachs & Co. to auction the company.
Bain Capital offered to pay $63 per share, which represents a premium of 26 percent over Guitar Center's closing price Tuesday of $50.06. The purchase price is based on the company's 30.2 million shares outstanding at the end of March.
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