Aramark Agrees To $8.3B Buyout Led By CEO Joseph Neubauer

Aramark Corp. has agreed to be bought out for $8.3B, including $2B in debt, by an investment group led by CEO Joseph Neubauer according to Angela Moore of MARKETWATCH. Aramark shareholders will receive $33.80 in cash for each share, a 2% premium over yesterday’s closing price of $33.05. The offer tops the $32-per-share bid in May from the same buyout group, which includes Neubauer and “investment funds managed by GS Capital Partners, CCMP Capital Advisors and J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC.” Some shareholders “were unsatisfied with the earlier offer and recommended the board pursue a leveraged recapitalization through a large Dutch tender offer.” Aramark said that its BOD, on a “unanimous recommendation of a special committee comprised entirely of independent directors, has approved the buyout and will recommend that Aramark stockholders approve the deal” (MARKETWATCH.com, 8/8). At presstime, shares were trading at $32.81, down 0.73% from yesterday's close.