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Poised to go private, Garden Ridge Corp. has agreed to a cash buyout offered by an investment group spearheaded by Garden Ridge Chairman Armand Shapiro.
A unit of GRDG Holdings LLC plans to take Houston-based Garden Ridge private after the investment group buys a majority of the retailer for approximately $185 million. Garden Ridge operates two outlets in the San Antonio area.
"They felt the company was really undervalued," says Lynn Detrick, an equity analyst at Sanders Morris Mundy in Houston.
GRDG, named after the stock's ticker symbol, already owns about 31 percent of the Houston retailer. GRDG's offer equates to $11.50 per share in cash for the Garden
Ridge stock it doesn't already hold -...