Blue Nile shares sparkle

Daily Freeman (Kingston, NY) - - BUSINESS -

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.

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