Sequential Brands To Buy Martha Stewart Living In $6.15/shr Stock, Cash Deal

(RTTNews) - Sequential Brands Group, Inc. (SQBG) Monday said it has signed a definitive merger agreement to acquire 100 percent of the outstanding shares of publishing and housewares conglomerate Martha Stewart Living Omnimedia, Inc. (MSO) for aggregate consideration valued at $6.15 per share, payable 50 percent in stock and 50 percent in cash. The acquisition is expected to close in the second half of 2015.

Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, Martha Stewart will continue to be an integral part of the brand she founded, with a renewed long-term commitment to serve as Chief Creative Officer.

She will become a significant stockholder of the new public holding company of Sequential and Martha Stewart Living and will be nominated to serve on its board of directors as of the closing.

The merger adds a new vertical to Sequential's platform, which is expected to generate nearly $3.75 billion in annual global retail sales from a combined portfolio of consumer brands in the Home, Fashion, Lifestyle & Active categories.

The acquisition includes a 30-day "go-shop" period for Martha Stewart Living Omnimedia.