The Straits Times / The Business Times News on OSIM

OSIM-led group closer to takeover of U.S. retailer

OSIM International has progressed one step further in its acquisition of American specialty retailer Brookstone.

The mainboard-listed company announced yesterday that a majority of Brookstone shareholders had voted in favour of the acquisition, to be carried out by a private consortium led by Osim that includes Temasek Holdings and Boston-based private equity firm, JW Childs Associates.

The merger will give Osim access to Brookstone's network of 291 outlets across the United States. Under the merger agreement approved by the shareholders, each outstanding share of Brookstone's common stock will be converted into the right to receive US$20 (S$33.84) in cash.