Blue Nile shares sparkle
Blue Nile shares surged Monday after the online jeweler agreed to be bought by a group of investors for $500 million.
The all-cash deal will give Blue Nile shareholders $40.75 per share, which is 33.9 percent higher than its closing price on Friday. The last time Blue Nile was that high was in February 2014.
Funds managed by Bain Capital Private Equity and Bow Street LLC are the purchasers. After the deal closes, which is expected in the first quarter of 2017, Blue Nile will become a privately held company.
The Seattle-based company was founded in 1999 and has faced increasing competition from both online and traditional retailers.