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Party City Shareholders OK Amscan Merger
Party City shareholders will receive $17.50 per share in cash for each share of common stock outstanding.Party City (Nasdaq: PCTY) shareholders have approved a $360 million merger with Amscan Holdings, a holding company owned by Boston-based Berkshire Partners and Weston Presidio.
The Rockaway-based party product supplier said 84% of its shareholders supported the deal with Amscan. Under the terms of the agreement, Party City shareholders will receive $17.50 per share in cash for each share of common stock outstanding. The deal is expected to close by the early 2006. Party City shares opened at $17.19 today.
