![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Friday, November 15, 2013 8:37:10 AM
DJ Home-Decor Company Blyth Rejects Takeover Offer from CVSL
Nov 15, 2013 08:24:00 (ET)
By Ben Fox Rubin
Candle maker Blyth Inc.'s (BTH) board unanimously rejected a roughly $270 million takeover proposal from direct-selling company CVSL Inc. (CVSL), saying the offer wasn't supported by any committed debt or equity financing.
CVSL recently offered $16.75 in cash or stock to acquire Blyth, which also designs and markets home accessories and health and wellness products.
Among concerns Blyth cited in rejecting the deal it said CVSL's advisers indicated to Blyth that there was no capacity to raise additional debt at CVSL. Therefore, any debt raised to finance the cash portion of the deal would be raised based solely on Blyth's leverage capacity.
Blyth also said the deal would require its cash and cash equivalents be used to repay its own existing debt and didn't address the ongoing working capital needs of its domestic and international businesses.
A CVSL representative wasn't immediately available for comment.
Blyth shares closed Thursday at $12.50 and CVSL shares closed at 60 cents. Neither was active premarket.
Write to Ben Fox Rubin at ben.rubin@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 15, 2013 08:24 ET (13:24 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution • GDLG • Jul 26, 2024 12:30 PM
Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • SSV • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM