Columbus, OH-based The Limited (NYSE: LTD) completed its offer on March 21 for all the shares of Intimate Brands (NYSE: IBI) it doesn’t already own, receiving 72.6 million tendered shares.
On March 12, Intimate Brands, , which mails the Victoria’s Secret and Bath & Body Works catalogs, recommended that shareholders accept The Limited’s $1.56 billion offer to buy back the shares it spun off in 1995. Limited will now own 98% of Intimate Brands.
Limited offered 1.10 Limited shares for each Intimate Brands share to acquire the remaining 16% of the company. Earlier on March 12, Limited raised its offer from 1.046 Limited shares. The raised offer increased the value of the offer to about $1.56 billion from the original offer of about $1.5 billion.
According to a company release, The Limited expects to complete a short-form merger of Intimate Brands with and into a wholly owned subsidiary of The Limited shortly after the close of trading on the New York Stock Exchange on March 21. Following the merger, Intimate Brands shares will no longer be publicly traded.