A Nevada investment company said Friday it wants to buy shares from St. John Knits International Inc. stockholders who want to cash out of the increasingly private company.
Saddlehorn Partners LLC said it has offered to buy up to 48,000 shares, or 0.8%, of Irvine-based St. John Knits, a maker of high-end clothing. The offering price is $28.25 a share.
In the past, St. John was required to report some financial results because it held publicly traded debt. But the company refinanced the debt earlier this year and no longer has to make its financial reports public.
“The tender offer provides stockholders an opportunity for liquidity in a very thinly traded stock,” said Russel B. Duckworth, managing partner of RBD Holdings LLC, which manages Saddlehorn Partners. “As of April 26, 2005, St. John is no longer required to file information with the SEC and some stockholders may not feel comfortable holding shares in what has become a truly private company. With St. John’s stock trading an average of roughly 100 shares per day, we think stockholders seeking liquidity will find the offer attractive.”
The $1.36 million offering has not yet started. In a release, Saddlehorn didn’t say when it would begin.
New York-based Vestar Capital Partners is St. John’s majority owner.
