Guitar Center stockholders OK merger with investment firm affiliate

By Lisa Kerner

Charlotte, N.C., Sept. 19 - Guitar Center, Inc. stockholders approved the company's merger with VH AcquisitionCo, Inc., an affiliate of Bain Capital Partners, LLC, at a special meeting on Tuesday.

About 99.6% of shares present and voting at the meeting, or some 75.3% of the total shares outstanding, voted in favor of the deal, a company news release stated.

The June 27 merger agreement gives Guitar Center stockholders $63 cash per share in a transaction valued at about $2.1 billion including debt.

Guitar Center expects the transaction to close in October at which time the company will become wholly owned by VH AcquisitionCo.

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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