Guitar Center shareholders to hold merger vote on Sept. 18

By Lisa Kerner

Charlotte, N.C., Aug. 14 - Guitar Center Inc.'s board of directors approved a June 27 merger agreement with VH AcquisitionCo, Inc., an affiliate of Bain Capital Partners, LLC. Shareholders are asked to approve the agreement at a special meeting on Sept. 18 at the company's headquarters in Westlake, Calif. The record date for the meeting is Aug. 6.

The agreement calls for Guitar Center to be acquired by the Bain affiliate for $63 cash per share. Guitar Center will become wholly owned by VH AcquisitionCo.

As previously reported, the transaction is valued at about $2.1 billion including debt and is expected to close in the fourth quarter of 2007. A $58 million termination fee is included in the agreement.

Guitar Center, based in Westlake Village, Calif., is a musical instrument and recording equipment retailer.

Bain Capital is a Boston-based private investment firm.

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