Neiman Marcus, the cataloger and retailer that was acquired in May, said it won’t pay its regular quarterly dividend in November because it expects the sale to close at that time.
But the board of directors of the Dallas firm said it would reconsider that decision if the merger is not completed in the expected timeframe.
In May, the firm agreed to be acquired by Texas Pacific Group and Warburg Pincus for $100 per share in cash, or $5.1 billion. Texas Pacific and Warburg Pincus will own an equal stake in the company upon the transaction’s close (Direct Newsline, May 3).
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