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News > Deals
Verrerie buys Mikasa
September 11, 2000: 1:46 p.m. ET

Crystal maker gets Mikasa for $280.5M in cash, creating global tableware leader
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NEW YORK (CNNfn) - Global crystal manufacturer Verrerie Cristallerie d'Arques on Monday agreed to acquire Mikasa Inc. for $280.5 million in cash, setting the table for a global leader in glass and dinnerware.

Verrerie Cristallerie d'Arques, a unit of J.G. Durand Industries S.A., will pay $16.50 a share for Mikasa's 17 million outstanding shares. The transaction represents a 69 percent premium over Friday's closing price of $9.75 for Mikasa.

graphicMikasa will become private and will operate as a stand-alone subsidiary following the purchase, which is expected to close in the fourth quarter of this year.

Mikasa Chairman Alfred Blake, Mikasa CEO Raymond Dingman, Chairman Emeritus George Aratani, and Mikasa Executive Vice President Anthony Santarelli will remain in their current positions and will retain a "substantial" stake in the tabletop company.

"We are particularly optimistic about the international opportunities available for Mikasa within our new alliance, given Verrerie Cristallerie d'Arques's substantial experience in worldwide distribution," said Philippe Durand President du Directoire of J.G. Durand Industries and Verrerie Cristallerie d'Arques. "With this combination, we are reinforcing our position as world leader in tableware."

The 175-year old Verrerie, a leading glass and crystal manufacturer based out of Paris, produced 1 billion ($861 million) in sales in 1999. Brands include Cristal d-Arques, JG Durand and Luminarc. Secaucus, N.J.-based Mikasa Inc. (MKS: Research, Estimates), whose brands include Studio Nova, Mikasa, Home Beautiful and Christopher Stuart, operates 167 retail stores and generated $420 million in sales volume in 1999.

Blake, Dingman, Santarelli and Aratani own a total of 54.9 percent of Mikasa and have agreed to vote in favor of the merger.

UBS Warburg advised Mikasa, while Clinvest/Credit Lyonnais Investment Banking Group advised J.G. Durand Industries.

Mikasa gained $6.31 to $16.06 in midday trading Monday. Back to top

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
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