Yankee Candle to be sold in 1.7B deal
DEERFIELD, Mass. (AP) -- Yankee Candle Co. said Wednesday it is being sold in a 1.7 billion deal that boosted the company's shares to their highest price in a year.
Bruce Besanko, Yankee's chief financial officer, said the sale to Madison Dearborn Partners LLC won't mean layoffs of any of its 5,000 employees or closings among the company's 400 retail stores in 42 states.
News of the sale, expected to be finalized in early 2007 if approved by Yankee shareholders, sent the company's stock price soaring 4.89, or 17 percent, to 33.61 in morning trading. During the past year, shares traded between 20.80 and 30.77.
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