Stein Mart Agrees To Be Taken Private For $0.90/shr

(RTTNews) - Stein Mart Inc. (SMRT) has agreed to be taken private by an affiliate of Kingswood Capital Management for $0.90 per share in cash. The purchase price represents a premium of about 38% over stock closing price on January 30, 2020.

Kingswood will acquire all of the outstanding common stock of the company not already owned by affiliates of Jay Stein, Stein Mart's former CEO and current Chairman of the Board of Directors.

As part of the deal, an entity managed by Jay Stein will contribute its equity and, following the closing of the merger, will indirectly own one-third of Stein Mart after the closing.

The transaction is expected to close in the first half of calendar year 2020. Stein Mart Board recommended its shareholders to vote for the deal.

SMRT is currently trading at $0.87, up $0.22 or 34.32%.