South Easton, MA—Several major shareholders of Specialty Catalog Corp. agreed on May 4 to buy out the multititle cataloger and take it private. Guy Naggar, a director of the company who had made a bid for the company earlier last week, is one of the shareholders who formed Specialty Acquisition Corp. to buy the mailer.
Shareholders, other than members of Specialty Acquisition, will receive $3.75 a share in cash. On April 27, the last trading day before the announcement of Naggar’s bid, the stock closed at $3.05 a share. The deal is expected to close this summer. Specialty Catalog’s titles include the Paula Young and Especially Yours wigs catalogs.